May 22, 2014 - Unilever today announced that it has signed an agreement for the sale of its North America pasta sauces business under the Ragu and Bertolli brands to Mizkan Group for a total cash consideration of approximately $2.15 billion. Cravath, Swaine & Moore LLP represented Unilever in connection with this transaction, which is subject to regulatory approval and customary closing conditions and is expected to close by the end of June. The transaction includes two production facilities, a sauce processing and packaging facility in Owensboro, Kentucky, and a tomato processing facility in Stockton, California.

The Cravath team included partner Mark I. Greene and associates Keith Hallam, Aaron Gruber and Daniel R. Satin (M&A); partner Eric W. Hilfers and practice area attorney M. C. Tania Balthazaar (executive compensation and benefits); partner Michael L. Schler and associates Rachel H. Kiwi and Stephen R. Severo (tax); partner Matthew Morreale (environmental); senior attorney John Gerhard (real estate); practice area attorney Anthony N. Magistrale (intellectual property); and partner Christine A. Varney and associate Margaret Segall D'Amico (regulatory). Peter Wehner also worked on executive compensation and benefits matters. David Schwartz, Associate General Counsel, Corporate and Transactions at Unilever, also worked on M&A matters.