B&G Foods Inc. said Thursday it has agreed to acquire the frozen and canned vegetable brands Green Giant and Le Sueur from General Mills Inc. for about $765 million in cash. B&G Foods expects the deal to close in the fourth quarter and to immediately boost earnings per share and free cash flow. "The acquisition marks our entry into the frozen food category, which we believe will open many future growth opportunities," Chief Executive Robert Cantwell said in a statement. B&G Foods is expecting the new brands to generate annualized sales of about $550 million, adjusted earnings before interest, taxes, depreciation and amortization of $95 million to $100 million and earnings per share of 60 cents. B&G Foods shares were not yet active in premarket trade, but are up 1.8% in the year so far, outperforming the S&P 500, which is down 5.4%. General Mills shares are up 6.5% in the year.
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