Nestlé ended up paying $11.85B*—a whopping 6x 2011 sales—for PFE’s infant-nutrition business, which derives 80% of its sales in emerging markets: http://finance.yahoo.com/news/nestle-buy-pfizer-nutrition-11-052407033.html Clearly, the sky-high multiple of sales Nestlé is paying is a strong statement by Nestlé on the power of The Global Demographic Tailwind. *The early leaked reports cited a $9B deal price.