UK-headquartered, privately-owned United Biscuits company is selling its southern European arm to US-based giant Kraft Foods. The latter already owns 25% of UB, the remainder being in the hands of private equity funds.

UB, which makes a range of snacks including Jaffa Cakes, Penguin biscuits and Hula Hoops, is believed to have inked the £575 million ($1.06bn; €829m) deal at the weekend.

This latest slicing of the cake includes UB's Spanish operations, where it owns seven of the top ten cookie brands. It also commands nearly 40% of the Portuguese market through its Triunfo brand.

As part of a strategic review conducted by Goldman Sachs earlier in the year, the four owners will now begin a new process to sell the northern European division.

Data sourced from Financial Times online; additional content by WARC staff