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General Mills, the maker of Cocoa Puffs and Cheerios breakfast cereals, is exploring a sale of its North America yogurt business including its popular Yoplait brand in a deal that could be worth more than $2 billion, people familiar with the matter said. The Minneapolis-based food conglomerate is working with investment bank JPMorgan Chase to gauge interest from potential buyers that could include rival snack food makers and private equity firms, the sources said, requesting anonymity as the discussions are confidential. General Mills is hoping to fetch a valuation for the yogurt portfolio of nearly 10 times the unit's 12-month earnings before interest, taxes, depreciation and amortization of about $250 million, the sources said.

New yorkUnited statesRichard changJessica dinapoliAbigail summervilleAnirban senDanone dannonCocoa puffsNorth americaGeneral millsNoosa yogurtSovos brandsPlatinum equity