The boards of directors of Conagra Brands, Inc. and Pinnacle Foods Inc. have unanimously approved a definitive agreement for Conagra to acquire all outstanding shares of Pinnacle Foods. The cash and stock transaction is valued at approximately $10.9 billion, including Pinnacle Foods' outstanding net debt.
The deal will expand Conagra’s presence and capabilities in frozen foods and snacks. Pinnacle Foods’ portfolio includes brands such as Birds Eye, Duncan Hines, Earth Balance, EVOL, Erin’s, Gardein, Glutino, Hawaiian Kettle Style Potato Chips, Hungry-Man, Log Cabin, Tim's Cascade Snacks, Udi’s, Vlasic and Wish-Bone.
The transaction is expected to close by the end of this year, subject to the approval of Pinnacle Foods shareholders, the receipt of regulatory approvals and other customary closing conditions.