General Mills to Sell Häagen-Dazs Shops in Mainland China to Investor Group Including Ningji

MINNEAPOLIS--(BUSINESS WIRE)-- General Mills, Inc. (NYSE: GIS) today announced that it has entered into a definitive agreement to sell its Häagen-Dazs shops in Mainland China to an investor group including Ningji, a Chinese company that operates one of the fastest growing tea brands in China with a network of more than 3,000 premium quick-service retail tea shops. As part of the agreement, the buyer will receive an exclusive license from General Mills to use the Häagen-Dazs brand in ice cream shops and gifting business in Mainland China. General Mills will continue to own and operate the Häagen-Dazs retail and foodservice operations in China.

The proposed transaction is expected to close in calendar 2026, subject to receipt of requisite regulatory approvals and other customary closing conditions. The financial terms of the transaction were not disclosed.

The transaction aligns with General Mills' Accelerate strategy and elevates the company's focus on its brands and channels that provide the strongest opportunities for profitable growth. Since fiscal 2018, General Mills has significantly reshaped its portfolio for growth, turning over nearly one-third of its net sales base through acquisitions and divestitures.

Citi served as the exclusive financial advisor to General Mills for the transaction, and Herbert Smith Freehills Kramer Global served as legal advisor.

About General Mills

General Mills makes food the world loves. The company is guided by its Accelerate strategy to boldly build its brands, relentlessly innovate, unleash its scale and stand for good. Its portfolio of beloved brands includes household names like Cheerios, Nature Valley, Blue Buffalo, Häagen-Dazs, Old El Paso, Pillsbury, Betty Crocker, Totino's, Annie's, Wanchai Ferry and more. General Mills generated fiscal 2025 net sales of U.S. $19 billion. In addition, the company's share of non-consolidated joint venture net sales totaled U.S. $1 billion. For more information, visit https://www.generalmills.com.