In a move that will create a frozen food powerhouse, Conagra Brands Inc. announced it will buy all outstanding shares of Pinnacle Foods in a cash and stock transaction valued at approximately $10.9 billion. The acquisition expands Conagra’s presence in its most strategic categories of frozen foods and snacks. Pinnacle Foods’ nets over $3 billion yearly, with a portfolio that includes Birds Eye, Duncan Hines, Earth Balance and Hungry-Man. Sean Connolly, Conagra’s president and CEO, said during a conference call with investors that the transaction "will enhance our scale by combining two growing portfolios of iconic brands and create a leader in frozen foods, while also expanding our presence in snacks." The two companies are among the fastest-growing companies in the consumer packaged foods industry. The transaction, which is subject to regulatory approval, is expected to close by the end of calendar 2018.
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