A new single-asset continuation vehicle led by Goldman Sachs' (GS) Alternatives division and the Abu Dhabi Investment Authority have invested in ice cream company Froneri, private equity firm PAI Partners said in a statement Thursday.

PAI said it has completed a 3.6 billion euros ($4.2 billion) equity transaction involving the continuation vehicle and ADIA, with the establishment of a new ownership structure for its 50% stake in Froneri.

Froneri was formed in 2016 through a 50:50 joint venture to combine PAI's R&R Ice Cream with Nestle's European ice cream business, according to a statement.

Goldman Sachs, PAI Partners, and ADIA did not immediately respond to MT Newswires' request for comment.

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