Zurich  — Nestlé is selling its US ice cream business that includes brands such as  Haagen-Dazs to a joint venture with private equity firm PAI Partners for $4bn.

The venture, Froneri, was created in 2016 when the Swiss company merged its European ice cream business with PAI-owned R&R. Now it is expanding to create a stronger challenger to Unilever, the global leader in ice cream with the Ben & Jerry’s and Magnum brands...

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