Photo: Alex Tai/SOPA Images/LightRocket via Getty Images

Nestlé agreed to sell its U.S. ice cream business for $4 billion to Froneri, a joint venture Nestlé formed in 2016 with private equity firm PAI Partners.

Why it matters: This is America's second-largest ice cream group, but it's been losing market share to leader Unilever. Nestlé's plan is to follow the growth model it successfully used in Europe, under similar circumstances, whereby it merged operations with PAI-owned R&R Group to create Froneri.

Details: Brands included in the deal are Häagen-Dazs, Drumstick, Edy’s, Dreyer’s, Outshine, and Skinny Cow.

The bottom line: "Americans eat more ice cream per capita than any other people in the world, with most bought in supermarkets for consumption at home, leaving the category open to intense discounting." — Saabira Chaudhuri, WSJ

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