ZURICH: Nestle SA is selling its US ice cream business that includes brands like Haagen-Dazs and Drumstick to a joint venture with private equity firm PAI Partners for US$4 billion.

The venture, Froneri, was created in 2016 when the Swiss company merged its European ice cream business with PAI-owned R&R. Now it’s expanding to create a stronger challenger to Unilever, the global leader in ice cream with the Ben & Jerry’s and Magnum brands.