General Mills, Inc. announced on March 17 that it has entered into a definitive agreement to sell its business in Brazil to 3corações. The proposed transaction, which includes a portfolio of leading local brands such as Yoki and Kitano, is expected to close by the end of calendar 2026, subject to regulatory approvals and other customary closing conditions.
The sale supports General Mills’ priority to reshape its portfolio to drive long-term profitable growth, in line with its Accelerate strategy. The transaction is expected to increase the company’s operating profit margin and sharpen the International segment’s focus on key global platforms, including super-premium ice cream, Mexican food, snack bars and pet food. Upon completion, General Mills will have turned over nearly one-third of its portfolio through acquisitions and divestitures since fiscal 2018.
The divestiture includes General Mills’ operations in Brazil, including supply chain facilities in Pouso Alegre and Campo Novo do Parecis. The Brazil business contributed approximately US$350 million to General Mills’ fiscal 2025 net sales.
Goldman Sachs acted as exclusive financial adviser to General Mills on the transaction, while KLA Advogados served as legal adviser.
General Mills, which generated fiscal 2025 net sales of US$19 billion, is guided by its Accelerate strategy to build its brands, innovate and expand its scale. Its portfolio includes brands such as Cheerios, Nature Valley, Blue Buffalo, Häagen-Dazs, Old El Paso, Pillsbury, Betty Crocker, Totino’s, Annie’s and Wanchai Ferry. The company also reported US$1 billion in net sales from non-consolidated joint ventures.
