Zurich/New Delhi, April 23:

Nestle has agreed to acquire Pfizer Inc infant nutrition business for $11.85 billion, a move that will enhance Swiss food giants position in emerging markets.

Both the companies have significant presence in India.

In a strategic move to enhance its position in global infant nutrition, Nestle has agreed to acquire Pfizer Nutrition for $11.85 billion, Nestle said in a statement today.

Pfizer Nutrition generates 85 per cent of its sales from emerging markets, many of them with large, fast-growing population.

Pfizer Nutrition is an excellent strategic fit and this acquisition underlines our commitment to be the worlds leading nutrition, health and wellness company, Nestle CEO, Mr Paul Bulcke, said in a statement.

The combined entities will enable us to deepen our engagement with consumers, offering them a wider choice of nutritious food to ensure their children make a healthy start to a healthy life, he added.

The Switzerland-based firm said that transaction is subject to regulatory approval.

Nestle estimates that Pfizer Nutritions sales would reach about $2.4 billion in 2012.

We will be able to combine well-known brands like S-26 Gold, SMA and Promil with our existing portfolio of trusted and successful brands such as Nan, Gerber, Lactogen, Nestogen and Cerelac infant cereal, Nestle said.

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Nestle to buy Pfizer’s infant nutrition biz for $11.8 b