The deal is junk food déjà vu.
Nestlé announced a joint venture with private equity firm PAI Partners to house its European frozen pizza business, which generates nearly $350 million in annual sales.
The deal lets Nestlé push a low-growth business off its balance sheet, while also acceding to some shareholder demands that its product portfolio become healthier.The transaction is expected to close in the second half of 2023, pending regulatory approval, and would include European distribution of brands like Wagner, Buitoni and Garden Gourmet.
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