The deal is estimated to be worth EUR115m (US$157.5m) and includes all Sara Lee fresh bakery brands in Spain and Portugal, as well as seven manufacturing facilities.
The transaction, which is subject to customary closing conditions and regulatory clearance, is expected to close within 60 days, the company said.
“The move to Grupo Bimbo is a natural next step that can benefit the Sara Lee bakery team and brands in Spain and Portugal, as they would become part of an organisation fully dedicated to the bakery category,” said Jan Bennink, executive chairman of Sara Lee Corp’s board.
Sara Lee’s remaining international bakery businesses headquartered in France and Australia remain the subject of selling process and a strategic review.
In fiscal 2011, Sara Lee reported net sales of US$408m. It employs approximately 2,000 people.
Baking company Grupo Bimbo has 102 plants and 1,000 distribution centres located in 17 countries throughout the Americas and Asia. Its main product lines include sliced bread, buns, cookies, snack cakes, English muffins, bagels, pre-packaged foods, tortillas, salted snacks and confectionery products.