Nestle to buy Pfizer's infant-nutrition business
GENEVA (AP) -- Swiss food and drink giant Nestle SA has announced a deal to acquire Pfizer Inc.'s infant-nutrition business for $11.85 billion.
The Vevey, Switzerland-based company says the acquisition, subject to regulatory approval would "enhance its position in global infant nutrition."
Nestle CEO Paul Bulcke called the deal to buy the Pfizer Nutrition unit "an excellent strategic fit."
Nestle said in a statement Monday that estimated sales from the acquired business will be $2.4 billion in 2012.
It said 85 percent of those sales are in emerging markets, many of which have large, fast-growing populations.
Nestle is one of the world's largest sellers of infant formula and may face some antitrust hurdles to complete the deal.