General Mills to Sell U.S. and Canada Yogurt Businesses for $2.1 Billion

Cleary Gottlieb is representing longtime client General Mills Inc. (General Mills) in its entry into a definitive agreement to sell its U.S. and Canada yogurt businesses to Lactalis and Groupe Sodiaal, respectively, in cash transactions valued at an aggregate $2.1 billion.

The proposed transaction was announced on September 12, 2024, and is expected to close in 2025, subject to receipt of requisite regulatory approvals and other customary closing conditions.

The divestitures encompass the U.S. and Canada operations of several yogurt brands including Yoplait, Liberté, Go-Gurt, Oui, Mountain High, and :ratio, as well as manufacturing facilities in Murfreesboro, Tennessee, Reed City, Michigan, and Saint-Hyacinthe, Québec. Collectively, the North American yogurt business contributed approximately $1.5 billion to General Mills’ fiscal 2024 net sales.

For more information, please see the press release here.