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Haagen-Dazs scooped up
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December 26, 2001: 7:41 p.m. ET
Nestle buys out General Mills from joint venture that controls gourmet brand.
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NEW YORK (CNN/Money) - Nestle USA has acquired the exclusive license to dish out Haagen-Dazs ice cream in the United States and Canada.
The company said Wednesday it agreed to acquire the 50 percent of Ice Cream Partners USA it does not already own from General Mills for $641 million. As part of the deal, it will get a 99-year license to use the Haagen-Dazs gourmet brand in the United States.
Ice Cream Partners was formed in 1999, combining Pillsbury's Haagen-Dazs frozen desserts with Nestle's frozen novelties, such as Nestle Crunch bars.
A provision in the joint-venture agreement enabled Nestle to buy the other 50 percent when Pillsbury was sold to General Mills for $5.9 billion.
Nestle USA is a subsidiary of Swiss-based Nestle S.A. Shares of General Mills (GIS: Research, Estimates) rose 63 cents to $52.37 after hours. 
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