A joint statement announcing the deal on Tuesday by Lactalis and CCPR, a cooperative of milk producers based in the Brazilian state of Minas Gerais that controls Itambé, did not disclose its value.
The deal is conditional upon approval by antitrust agency Cade.
Lactalis already owns several dairy brands in Brazil, including Batavo, Elegê and Parmalat.
Itambé was once partially owned by Vigor Alimentos SA, which was sold by J&F Investimentos to Mexico’s Grupo Lala SAB de CV in October.
Vigor had a 50 percent stake in Itambé and CCPR owned the other 50 percent. In September, the cooperative exercised an option to acquire Vigor’s stake, and Lala concluded the acquisition of Vigor without the Itambé brand.