Conagra Brands announced today that it will acquire Pinnacle Foods for $10.9 billion in cash and stock. The deal is expected to close before the end of 2018. The merger of Conagra and Pinnacle makes the duo the second-largest U.S. frozen food company behind Nestle. Pinnacle’s portfolio — which includes brands such as EVOL, Udi’s, Glutino and Birds Eye — also helps Conagra with the company’s multi-year transformation plan. Combined, the new conglomerate’s net sales are approximately $11 billion based on both Pinnacle and Conagra’s latest fiscal year results.

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