The multinational says it has made a “a binding offer to acquire” the business, which includes Sanex, Radox and Duschdas.
Paul Polman, CEO of Unilever, says: “Personal Care is a strategic category and a key growth driver for Unilever.
“This transaction builds on our portfolio in Western Europe and also in Asia. The Sara Lee brands enjoy strong consumer recognition, offer significant growth potential and are an excellent fit with Unilever’s existing business.”
Unilever adds there is “significant potential to build these brands in developing and emerging markets, which already generate approximately 15% of their annual sales.”
According to a statement, the Sara Lee brands generated annual sales in excess of €750m (£688.3m) for the year ending June 2009.
The deal is subject to regulatory approval and consultation with European employee works councils.