On May 22, 2014, Unilever 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 US$2.15 billion. Cravath 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 on M&A matters; partner Eric W. Hilfers and practice area attorney M. C. Tania Balthazaar on executive compensation and benefits matters; partner Michael L. Schler and associates Rachel H. Kiwi and Stephen R. Severo on tax matters; partner Matthew Morreale on environmental matters; senior attorney John Gerhard on real estate matters; practice area attorney Anthony N. Magistrale on intellectual property matters; and partner Christine A. Varney and associate Margaret Segall D’Amico on regulatory matters. Peter Wehner also worked on executive compensation and benefits matters.