French food group Danone has agreed to sell its U.S dairy business Stonyfield to Lactalis for $875 million, as part of Danone’s commitments with U.S. authorities following its takeover of organic food group Whitewave.
Danone on Monday said that Stonyfield had around $370 million in turnover in 2016, and that the sale price represented a multiple of around 20 times the 2016 earnings before interest, tax, depreciation and amortization (EBITDA) for Stonyfield.
Earlier this year, Danone had said it would sell Stonyfield as part of an agreement with U.S. authorities to facilitate the completion of its takeover of U.S. organic food group WhiteWave.
By Sudip Kar-Gupta
Source: Reuters
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