Danone announces sale of Stonyfield to Lactalis
Danone, the French food group, sold one of its US dairy subsidiaries to rival Lactalis.
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It sold Stonyfield for $875m as a part of its commitments with US authorities following its takeover of organic food group Whitewave.
Stonyfield had turnover of approximately $370m in 2016.
The price paid by Lactalis represented 20 times Stonyfield's 2016 EBITDA.
Subject to approval from the Department of Justice and other customary conditions, the transaction was expected to close in the third quarter of 2017.