Unilever sells Boursin to Le Group Bel

Unilever has agreed to sell Boursin, its French cheese brand, to Le Groupe Bel for euros 400M.

The transaction, subject to regulatory approval and consultation with employees, is expected to be completed within three months.

The sale was announced in August and Unilever had reported strong interest in the brand. Lactalis was among the favourites to acquire Boursin.

"I am confident we have found a new owner that will offer further growth and brand development opportunities for Boursin as part of their dedicated and focused cheese business," said Kees van der Graaf, president, Unilever Europe.

Gerard Boivin, chief executive of Le Groupe Bel, said: "We are delighted with the acquisition of an iconic brand like Boursin, which is a great addition to our very successful cheese portfolio."

Approximately 150 Boursin employees, most of whom work in the factory in Pacy, France, will transfer to Le Groupe Bel as part of the deal.

In 2007, Boursin is expected to make euros 100M.