The divestiture is part of the agreement with the U.S. Department of Justice in connection with Danone’s acquisition of WhiteWave.

Paris, France — July 3rd, 2017 — Danone has entered into a binding agreement with Lactalis to sell Stonyfield, one of its U.S. dairy subsidiaries, for a purchase price of $875 million, representing 20 times its EBITDA in 2016. Stonyfield generated approximately $370 million in turnover in 2016.

The divestiture is part of the agreement reached on March 31, 2017 with the U.S. Department of Justice (“DOJ”) in connection with Danone’s recently closed acquisition of WhiteWave. The closing of the divestiture is subject to customary conditions, including final approval by the DOJ, and is expected in the third quarter of this year.

[Editor’s note: In 2014, Dairy Foods named Dannon, Danone’s U.S. operation, the Dairy Processor of the Year.]