By  on July 29, 2008

LONDON — Unilever has inked an agreement to sell its North American laundry business in the U.S., Canada and Puerto Rico to Vestar Capital Partners, a private equity firm.

The Anglo-Dutch consumer goods giant, which owns beauty brands such as Dove and Sunsilk, stated terms of the deal include a cash payment of $1.08 billion and shares with a face value of $375 million in The Sun Products Corporation, a new company formed from the merger of Vestar’s Huish Detergents operation and the laundry businesses it acquired from Unilever.

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