Swedish oat-milk maker Oatly AB has sold a $200 million stake to a group led by private-equity giant Blackstone Group Inc. that includes Oprah Winfrey, Natalie Portman, former Starbucks Corp. Chief Howard Schultz and the entertainment company founded by Jay-Z.

The sale of the roughly 10% stake values Oatly at about $2 billion, according to people familiar with the matter.

The…

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