MILAN, July 10 (Reuters) - Packaged food maker Kraft

Heinz ( KHC ) has agreed to sell its Italian infant and

speciality businesses, including the Plasmon, Nipiol and Aproten

brands, to Italian food group NewPrinces, Kraft said

on Thursday.

The business, which also includes some other smaller brands

and a production plant in Italy, reported 170 million euros in

revenue last year, with a core profit of 17 million euros,

NewPrinces, formerly known as Newlat, said in a separate note.

Its enterprise value was set at 120 million euros ($140.72

million), NewPrinces said.

Shares in NewPrinces were trading 4.7% higher on the Milan

bourse at around 0915 GMT.

The deal, expected to close by late 2025 and subject to

regulatory approval, is in line with its strategy to focus on

core brands and growth areas, Kraft Heinz ( KHC ) said in its statement.

Plasmon is a household name in Italy, particularly for its

baby biscuits and food. The country is the brand's largest

market, but revenue has been increasingly affected by Italy's

low birth rate.

Kraft Heinz ( KHC ) was advised by Houlihan Lokey ( HLI ) as financial

advisor, while NewPrinces was advised by Vitale&Co.

($1 = 0.8527 euros)