French food group Danone (DANO.PA) has agreed to sell its U.S dairy business Stonyfield to Lactalis for $875 million, a move designed to address competition concerns stemming from its acquisition of U.S. organic food group WhiteWave.
Danone said on Monday 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.
Danone shares were up 1 percent in mid-session trading, in line with a similar rise on the CAC-40 index of French blue chips stocks.
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