ADIA Considers $1 Billion Investment in Nestle Ice Cream JV
No final agreements have been made, and other investors might also emerge to support Froneri.
Abu Dhabi’s sovereign wealth fund, the Abu Dhabi Investment Authority (ADIA), is considering investing at least $1.08 billion in Nestle SA’s ice cream joint venture, Froneri, which includes brands like Haagen-Dazs, anonymous sources in the know told Bloomberg.[1]
ADIA, which manages nearly $1 trillion in assets, is working with advisers to potentially provide capital to Nestle’s Froneri venture alongside buyout firm PAI Partners. This move could enable PAI to retain its stake in Froneri for a longer period, potentially valuing the business at over $10 billion, the sources indicated.
PAI has been seeking new investors for a continuation fund to extend its investment in Froneri, as previously reported by Bloomberg News.
No final agreements have been made, and other investors might also emerge to support Froneri, the sources noted.
Recently, Indian online beauty retailer Purplle secured $120 million in a funding round led by a wholly-owned subsidiary of ADIA.
Also this year, Bloomberg reported that ADIA is considering acquiring a minority stake in the mall operator owned by Dalian Wanda Group Co.