Grupo Bimbo, the world’s largest bakery group, has bought the bakery business of Sara Lee for $959m (£596.5m).
The deal, which is subject to regulatory approval, would make the Mexico-based Bimbo the largest baker in the US.
Around 13,000 employees will transfer to Bimbo as a result of the sale.
The deal marks the latest major sale by Sara Lee, which last year hived off its European personal care business to Unilever in a transaction worth $1.3bn.
EC raises concerns of Unilever’s Sara Lee deal (20 August 2010)
Sales down at Sara Lee (13 August 2010)