General Mills Inc. has entered into definitive agreements to sell its North American Yogurt business to Lactalis and Sodiaal, two French dairy companies, in cash transactions valued at an aggregate $2.1 billion.

Following the completion of the transactions, the U.S. and Canadian businesses will operate independently, with Lactalis acquiring the U.S. business and Sodiaal acquiring the Canadian business. The proposed transactions are expected to close in calendar 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, Liberte, Go-Gurt, Oui, Mountain High and :ratio, as well as manufacturing facilities in Murfreesboro, Tenn.; Reed City, Mich.; and Saint-Hyacinthe, Québec. Collectively, the North American Yogurt business contributed approximately $1.5 billion USD to General Mills’ fiscal 2024 net sales.

“Today’s announcement represents another significant step forward for General Mills in advancing our Accelerate strategy and our portfolio reshaping ambitions,” said General Mills Chairman and CEO Jeff Harmening. “Upon completion of these divestitures, we will have turned over nearly 30 percent of our net sales base since fiscal 2018. By efficiently managing our portfolio and sharpening our focus on our global platforms and local gem brands that have stronger growth prospects and more attractive margins, we will be in a better position to drive top-tier shareholder returns over the long term.”

“We would also like to take this time to thank our North American Yogurt team members for their significant contributions,” Harmening continued. “In Lactalis and Sodiaal, we believe we’ve found the right homes for these businesses, with dairy-focused owners who are well equipped to drive success for our people and growth for these brands into the future.”

In May, Dairy Foods cited a Reuters report that General Mills was considering selling its yogurt business.