Grupo Bimbo to Buy Sara Lee Unit for $959 Million

Grupo Bimbo SAB, the world’s largest bread maker, agreed to buy Sara Lee Corp.’s North American bakery business for $959 million to boost sales outside Mexico.

The transaction, which includes the right to the Sara Lee brand for bakery goods in the U.S. and regional brands such as Heiner’s and Rainbo, will likely close during the first half of 2011, Mexico City-based Bimbo said today in a statement.