PAI Partners, a French private equity firm, plans to hire investment banks to help sell its 50 percent stake in Yoplait yogurt, two people with knowledge of the discussions said.
The sale process may start in September and value the company at about 1.2 billion euros ($1.5 billion), said the people, who declined to be identified as the matter is private. PAI is interviewing about nine banks this week, the people said.
PAI, which manages a 2.7 billion-euro fund, is considering selling its stake after jointly owning the Boulogne-Billancourt, France-based yogurt maker since 2002. Sodiaal, France’s largest milk cooperative, holds the other 50 percent. Leveraged buyout fund managers are seeking to return cash to investors after the credit crisis stymied deal-making for two years.
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