Danone, a French multinational food-products corporation, agreed to acquire Dumex Baby Food, a Chinese manufacturer of infant milk formula products, from Mengniu-backed Yashili, a firmenagaged in the packaged foods industry, for $130m. The deal will allow Danone to further expand its ability to locally manufacture infant milk formula products. In line with Danone’s capital allocation priorities, the expected proceeds will be dedicated to further deleveraging the company.