Nestle in negotiations to sell frozen-food division Davigel to catering supplier Brakes Group

IndustriesAssociated Press

Nestle SA says it is in exclusive negotiations to sell its Davigel frozen-food division to the Brakes Group, a European catering supplier.

The Vevey, Switzerland-based food company said Wednesday it is not disclosing financial details of the prospective deal, which is subject to consultations with employee councils and approval by competition authorities.

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Nestle had announced in November that it was exploring "strategic options" for Davigel. The Brakes Group is owned by private equity manager Bain Capital.