Yoplait, which is owned by French investment firm PAI Partners and the French co-operative dairy group Sodiaal, has been distributed in the U.S. by General Mills since 1977.
General Mills is looking to purchase a controlling share in the company, buying out PAI Partners share. If the deal goes through, it will hold a controlling interest in Yoplait, although Sodiaal will still maintain its shares in the company.
While neither side has released details of the buyout, the Wall Street Journal reported that a person familiar with the situation said the deal would be worth $2.2 billion.
With the purchase, General Mills said it will look to expand Yoplait in France and the rest of Europe, as well as bringing the yogurt company to more markets across the globe.
If the deal goes through, General Mills will have beaten out several companies in the chase to acquire Yoplait, including China’s Bright Foods, Switzerland’s Nestle SA, Mexico’s Grupo Lala Axa Private Equity and French dairy company Groupe Lactalis.