PARIS (AP) -- French yogurt and bottled water company Danone says it has agreed to buy U.S. frozen yogurt maker YoCream International Inc. for $103 million.
Danone says its offer of $39.82 per share has already been accepted by shareholders owning 77 percent of YoCream. The deal is set to close by the end of 2010, Danone said in a statement Wednesday.
Danone says the purchase will give it a foreign distribution network and allow the company to move into the growing market for frozen yogurt in the U.S.
Portland, Oregon-based YoCream forecasts sales this year of $58 million. Last year sales grew 18.1 percent to $50.7 million.
YoCream chief executive John Hanna will remain CEO following the takeover and along with other senior management will retain a 5 percent stake in the company, YoCream said in a separate statement.
