Montreal-based Saputo says the Australian business includes two manufacturing facilities in Tasmania and employs approximately 400 people.
The specialty cheese business produces, markets and distributes a variety of specialty cheeses under several Australian brands, including South Cape, Tasmanian Heritage, Mersey Valley and King Island Dairy.
It generated about $182 million in revenue in 2018.
The deal is subject to foreign investment approval and clearance by the Australian Competition and Consumer Commission.
It is expected to close in the second half of this year.