Unilever has completed the sale of its North American laundry business in the U.S., Canada and Puerto Rico to Vestar Capital Partners, a global private equity firm. The transaction will merge the business with existing operation Huish Detergents Inc. to form a new company, The Sun Products Corporation.

According to Unilever, it has received an aggregate consideration of approximately $1.45 billion—consisting of approximately $1.075 billion in cash, preferred shares in Sun Products with a face value of $375 million, and warrants offering the opportunity to acquire up to 2.5% of the common equity of Sun Products.