Food Service
Conagra Brands To Acquire Pinnacle Foods For $10.9 Billion

Posted On: 6/27/2018

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CHICAGO -- Conagra Brands Inc. will acquire Pinnacle Foods in a cash and stock transaction valued at approximately $10.9 billion.
 
Under the terms of the transaction, Pinnacle Foods shareholders will receive $43.11 per share in cash and 0.6494 shares of Conagra Brands common stock for each share of Pinnacle Foods held.
 
Conagra Brands and Pinnacle Foods are two of the fastest-growing companies in the consumer packaged foods industry by consumption. The transaction will expand Conagra’s presence in the frozen foods and snacks categories. Its brands include Slim Jim and Chef Boyardee.
 
With annual net sales in excess of $3 billion, Pinnacle Foods’ portfolio includes Birds Eye, Evol, Hawaiian Kettle Style potato chips, Tim's Cascade Snacks and Udi's.
 
"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,” said Conagra Brands president and chief executive Sean Connolly.