An agreement between Hillshire Brands and Pinnacle Foods was announced Monday where Hillshire will acquire all outstanding shares of Pinnacle in a cash and stock transaction valued at $6.6 billion.
“The combination of Hillshire Brands and Pinnacle Foods brings together two highly complementary organizations with strong brands, skilled employees and lean cost structures,” said Sean Connolly, president and chief executive officer of Hillshire Brands in a prepared statement. “The acquisition creates a leading branded food company with enhanced scale, reach, and capabilities while providing margin expansion and strong earnings per share accretion.”