General Mills Inc. (NYSE: GIS) announced it has entered into a definitive agreement to sell its Häagen-Dazs shops in mainland China to an investor group that includes Ningji, a Chinese company operating more than 3,000 premium tea shops.

Under the agreement, the buyer will receive an exclusive license from General Mills to use the Häagen-Dazs brand for ice cream shops and gifting business in mainland China. General Mills will retain ownership and operation of Häagen-Dazs retail and foodservice operations in China.

The transaction is expected to close in calendar 2026, subject to regulatory approvals and customary closing conditions. General Mills did not disclose the financial terms of the sale.

The company said the transaction aligns with its Accelerate strategy and allows increased focus on brands and channels that provide opportunities for profitable growth. Since fiscal 2018, General Mills has reshaped nearly one-third of its net sales base through acquisitions and divestitures.

Citi served as the exclusive financial advisor to General Mills for the transaction, while Herbert Smith Freehills Kramer Global served as legal advisor. General Mills reported fiscal 2025 net sales of $19 billion.