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.
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