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Blackstone agrees to exit Pinnacle Foods stake

12 May 2014

food6Private equity firm Blackstone is set to exit its majority investment in frozen food group Pinnacle Foods, which is nearing a deal to sell itself to Hillshire Brands for around $4.3bn.

Hillshire has offered $18 in cash and half of its share for each share in Pinnacle, valuing it at $4.3bn excluding its debts of around $2.5bn.

Blackstone has decided to vote in favour of the deal and sell its 51 per cent stake.

The private equity firm bought Pinnacle Foods in a $2.2bn take-private deal in 2007 and added Birds Eye Foods two years later for $1.3bn.

Pinnacle was floated on the New York Stock Exchange in March last year. The company sold 29m shares at a price of $20 per share worth a total $580m.

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