By Giulia Petroni

Nestle SA is set to create a joint venture for its frozen-pizza business in Europe with private equity firm PAI Partners.

The Swiss food-and-beverage giant said Friday that it will retain a noncontrolling stake with equal voting rights alongside PAI Partners.

The transaction, which is subject to approvals and employee consultations, is expected to close in the second half of the year.

Financial details weren't disclosed.

The business will be headquartered in Germany and operate two manufacturing facilities in Germany and Italy, Nestle said.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

April 21, 2023 08:25 ET (12:25 GMT)

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