The Kraft Heinz Company has completed the sale of certain assets in its global cheese business and the license of certain trademarks to an affiliate of Groupe Lactalis for total consideration of approximately $3.3 billion.

BelGioioso Cheese has entered into an agreement to acquire Polly-O, the historic cheese brand founded in 1899, for an undisclosed purchase price from the Lactalis Group. The Polly-O brand of cheese will expand BelGioioso’s footprint in the dairy category in addition to its existing Casaro brand. Last year, Polly-O achieved net sales of roughly USD $177 million.

Lactalis Group has entered into a definitive agreement for the acquisition by its U.S. affiliate of Kraft Heinz’s Natural, Grated, Cultured and Specialty cheese businesses in the U.S., Grated cheese business in Canada and entire International Cheese business outside North America. With this acquisition, Lactalis will acquire a portfolio of iconic, strongly-positioned brands that include Cracker Barrel, Breakstone’s, Knudsen, Polly-O, Athenos, Hoffman’s and, outside the U.S. and Canada only, Cheez Whiz. In addition, Kraft Heinz will partner with Lactalis on a perpetual license for Kraft in Natural, Grated and International cheeses and Velveeta in Natural and International cheeses.