French dairy company Danone SA (DANOY) announced the sale of its U.S. dairy business Stonyfield to Lactalis for $875 million Monday.
The sale is part of an agreement the company came to with the U.S. Justice Department's competition committee as part of its recent acquisition of fellow consumer brands company White Wave Foods Co. (WWAV) .
The sale is subject to final approval by the Justice Department, which is expected in the third quarter this year.
The sale price represents 20 times Stonyfield's 2016 earnings before interest, taxes, depreciation and amortization.
Danone's shares rose 0.1% to $15.04 on Monday morning.
What's Hot On TheStreet
Here comes the Model 3: Tesla Inc.'s (TSLA) Model 3 has passed regulatory production requirements and the first cars will be on roads by July 28, its founder Elon Musk said Monday.
In a series of Tweets, Musk said the Model 3 has passed all regulatory requirements two weeks ahead of schedule and it is "expecting to complete SN1 on Friday", a reference to what could be the first model off the production line. The offering up of a delivery date is only likely to fuel Wall Street's obsession with Tesla and Musk. TheStreet takes a look at what is driving the infatuation.
The second half of the year is now underway: Get ready to pick some stocks. As the sun sets on the first half of 2017, TheStreet decided to look ahead to how the market may perform on the other side of June 30. We rounded up three of of top minds to ask what sectors and stocks they like going into the year's second half. While Amazon (AMZN) and Walmart (WMT) were two notable large-caps on the list, there are several other names that may come as a surprise.
Food halls are booming: As retailers like Macy's (M) , Sears, (SHLD) and J.C. Penney (JCP) sink deeper into the pit of no return, a star in the sector has risen and is shining brightly for purveyors and customers alike, TheStreet's Michelle Lodge reports.
The sparkly object? Food halls.
U.S. food halls are sprouting up everywhere, according to a new Cushman & Wakefield report: in the first nine months of last year, the number of food halls increased 61%, and more are in the pipeline, especially in New York, which has a fourth of them. By 2020, according to the study, some 200 major food halls, up from 150 currently, are expected to be operating throughout the country.
Google and AI: Google may be an "AI first" company, but few people who work there actually use the term artificial intelligence, TheStreet's Annie Palmer reports.
That's because it doesn't actually describe the seismic shift currently happening across all of the Alphabet Inc. (GOOGL) unit's products. The better word for that process is machine learning, which is the technology that's making our computers think and act more like humans, said Peter Norvig, an AI scientist and a director of research at Google, in an interview with TheStreet.
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