Swiss food and drink giant Nestlé has announced a deal to acquire Pfizer’s infant-nutrition business for $11.85 billion (SFr10.8 billion).
The Vevey-based company says the acquisition, subject to regulatory approval, would “enhance its position in global infant nutrition”.
Nestlé CEO Paul Bulcke called the deal to buy the Pfizer nutrition unit “an excellent strategic fit”.
Nestlé said in a statement on Monday that estimated sales from the acquired business would be $2.4 billion in 2012.
It said 85 per cent of those sales are in emerging markets, many of which have large, fast-growing populations.
Nestlé is one of the world’s largest sellers of infant formula and may face some antitrust hurdles to complete the deal.
swissinfo.ch and agencies