General Mills contemplates sale of Progresso and Helper for $3bn – Bloomberg

General Mills is considering the sale of its subsidiaries Progresso soup and ready-to-eat brand Hamburger Helper, according to Bloomberg, which cites people with knowledge of the matter.

General Mills is reportedly working with Goldman Sachs Group to explore the possible sale, which will also include some of its smaller brands, and the assets are expected to attract interest from private equity firms. 

The company is looking to raise around $3 billion from the sale and is apparently also considering selling other parts of the business, the report by Bloomberg states. 

Selling the brands could enable General Mills to pursue acquisitions without raising debt, Bloomberg Intelligence analyst Conor Cuddy wrote in a note.

In March, General Mills agreed to sell its 51% controlling stake in Yoplait’s European operations to French dairy cooperative Sodiaal, in exchange for full ownership of the Canadian Yoplait business.

Responding to the claims about Progresso soup and Hamburger Helper, General Mills stated that it doesn’t comment on rumours or speculation.