Nestl Finishes Dreyer's Buy

One day after the Federal Trade Commission finally approved Nestlé SA's acquisition of Dreyer's Grand Ice Cream, the $2.8 billion deal was complete.

To appease the FTC, Dreyer's will likely sell off its Dreamery, Godiva and Whole Fruit brands to CoolBrands International, which will also receive Nestlé's distribution assets.

The FTC blocked the deal in March over concerns that the merger would hurt competition and boost prices for premium Nestlé brands.

According to the FTC, Dreyer's, Nestlé, and Unilever's Ben & Jerry's brand account for 98% of superpremium ice cream sales.