Swiss food giant Nestle is said to be in talks to form a joint venture to combine some of its ice cream businesses with R&R, Europe’s largest contract ice cream maker, Reuters reports.
According to Reuters, the two companies are in discussions to form a 50/50 joint venture in a deal valued at £2.2 billion ($3.34 billion).
As part of the deal, Nestle would reportedly contribute its ice cream businesses in Europe, Egypt, the Philippines, Brazil and Argentina, as well as its European frozen food businesses, excluding pizza. The company’s US business, which includes brand such as Haagen-Dazs, would not be part of the deal, however.
Nestle’s ice cream business includes more than 150 brands with a global market share said to stand at 10.8%.
Further details about the deal are yet to be disclosed.
Source: Reuters / New York Times