Nestle in negotiations to sell frozen-food division Davigel to catering supplier Brakes Group

Nestle SA says it is in exclusive negotiations to sell its Davigel frozen-food division to the Brakes Group, a European catering supplier.

The Vevey, Switzerland-based food company said Wednesday it is not disclosing financial details of the prospective deal, which is subject to consultations with employee councils and approval by competition authorities.

Nestle had announced in November that it was exploring "strategic options" for Davigel. The Brakes Group is owned by private equity manager Bain Capital.