Dairy Farmers of America, the largest U.S. purchaser of raw milk, has agreed to buy major assets from Dean Foods, the largest U.S. milk processor.

The $425 million deal would include assumption of some of Dean’s debts and the takeover of 44 Dean processing facilities. The deal still must be approved by various regulators.

Dean Foods filed for bankruptcy last November, faced with falling long-term consumption of liquid milk. Its bankruptcy filing was followed by one from Borden Dairy, the second largest American milk processor.

The Dairy Farmers of America purchase is conditioned on approval of the bankruptcy court overseeing Dean’s case. Other players would still be able to exceed Dean’s offer, although that seems unlikely. The deal also would most likely need to be reviewed for antitrust violations by the U.S. Department of Justice.