Fonterra Co-operative Group, handled by Fonterra Shareholders' Fund, completed the sale of the Dairy Partners Americas Brazil joint venture with Nestlé to French firm Lactalis.

The joint venture was 51% owned by Fonterra and 49% by Nestlé and was sold for 700 million Brazilian real ($219.5 million), which will be used to offset the related debt, resulting in minimal cash impact on Fonterra's earnings.

Fonterra's decision to focus on its New Zealand milk pool was an essential factor in the sale.

The final transaction proceeds are subject to customary post-completion adjustments.