Unilever avoids extra payouts as details of T2 deal emerge
Unilever's purchase of the Australian specialty tea chain T2 turned out to cost less than expected to due lower performance-based payouts to previous owners. According to the company, T2's recent performance reversed certain contingent considerations due to co-founders Maryanne Shearer and Bruce Crome, who sold the business in September 2013. Unilever paid $58.6 million cash upfront and another $3.4 million the following year, while contingent considerations were valued at $31.8 million, although it did not reveal how much it had saved. The company has been on a massive international expansion push ever since, opening several stores in the UK and the US, and planning hundreds more in the years ahead.