Nestle buys Pfizer's infant nutrition division for $11.9 billion Nestle agreed this week to purchase Pfizer's infant nutrition business.

Switzerland-based food conglomerate Nestle announced this week that it had inked a deal with Pfizer to purchase the division for $11.9 billion. Nestle is hoping to expand its food offerings in the global market. Pfizer, on the other hand, has endeavored to unwind profitable divisions as it works toward cost reduction goals.

The New York Times reports the deal would help Nestle expand in Latin America and in the Asia-Pacific region and the Middle East. Pfizer's nutrition business collects more than two-thirds of its revenue from emerging markets, a fact that enticed a formerly reticent Nestle.

"Pfizer Nutrition is an excellent strategic fit, and this acquisition underlines our commitment to be the world’s leading nutrition, health and wellness company," Nestle chief executive Paul Bulcke said in a statement.

Underscoring how demand for the Pfizer unit jumped amid heightened interest from international firms, Nestle will pay cash for the pharmaceutical giant's infant nutrition business. Pfizer put the division up for sale in July 2011, as the company continues to focus on its core drug-making business, according to the Times.

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