Conagra to acquire Boulder Brands’ parent company for $10.9B

Conagra Brands is acquiring Pinnacle Foods, parent company to Boulder Brands for $10.9 billion.

The deal will be a cash and stock transaction and will include Conagra acquiring all of Pinnacle Foods’ outstanding shares and net debt.

Under the terms of the transaction, Pinnacle Foods shareholders will get $43.11 per share and about 0.65 shares of Conagra Brands common stock for each share of Pinnacle Foods. The combined value is about $68.

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“The acquisition of Pinnacle Foods is an exciting next step for Conagra Brands. After three years of transformative work to create a pure-play, branded food company, we are well-positioned to accelerate the next wave of change,” said Sean Connolly, president and chief executive officer of Conagra Brands, in a prepared statement. “The addition of Pinnacle Foods’ leading brands in the attractive frozen foods and snacks categories will create a tremendous opportunity for us to further leverage our proven innovation approach, brand-building capabilities, and deep customer relationships. With greater scale across leading, iconic brands, an unwavering focus on driving profitable growth, and a strong balance sheet and cash flow, we are creating a tremendous platform to drive meaningful shareholder value.”

The transaction is expected to close by the end of the year, pending regulatory approval and approval by PInnacle’s shareholders.

In 2016, Pinnacle acquired Boulder Brands, which makes gluten-free products.