Nestlé is selling its U.S. ice cream business in a deal valued at $4 billion that would create the world's largest ice cream market.

The Swiss company announced Wednesday that it plans to hand over control to Froneri, a joint venture Nestlé created in 2016 with PAI Partners to manage Nestlé’s European ice cream business in 20 countries.

"We are now making this business our global strategic partner in ice cream and are convinced that Froneri’s successful business model can be extended to the U.S. market," Nestlé CEO Mark Schneider said in a news release. "With this transaction, we are taking a decisive step towards our goal of achieving global leadership in ice cream."

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Nestlé's ice cream brands include Dreyer’s, Häagen-Dazs, Outshine, Skinny Cow, Edy’s and Drumstick.

The sale is likely to close in the first quarter of 2020, pending customary regulatory approvals. Nestlé will continue to manage its remaining ice cream businesses in Canada, Latin America and Asia as part of its market structure.

Froneri has operations in Europe, Latin America, Africa and the Asia-Pacific region.

"This is another milestone acquisition for Froneri as we drive towards becoming the world’s best ice cream company," Froneri CEO Ibrahim Najafi said in a statement. "We're delighted to be bringing such well-loved U.S. brands into the Froneri family. The acquisition is testament to the strength and longevity of our relationship with Nestlé."

Follow USA TODAY reporter Kelly Tyko on Twitter: @KellyTyko