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Danone enters agreement to sell Stonyfield to Lactalis for $875 million
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Tuesday, 04 July, 2017, 08 : 00 AM [IST]
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Paris
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Danone has entered into a binding agreement with Lactalis to sell Stonyfield, one of its dairy subsidiaries in the United States, for a purchase price of $875 million, representing 20 times its earnings before interest, taxes, depreciation and amortisation (EBITDA) in 2016. Stonyfield generated a turnover of approximately $370 million in 2016.
The divestiture is part of the agreement reached on March 31, 2017 with the United States Department of Justice (DOJ) in connection with Danone’s recently-closed acquisition of WhiteWave. The closing of the divestiture is subject to the customary conditions, including final approval by DOJ, and is expected in the third quarter of this year.
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