Conagra Brands Inc. has announced that it will be buying Pinnacle Foods Inc. for about $8.1 billion, making Conagra the No. 2 U.S. frozen food maker by sales, after Nestle. The deal will include cash and stocks. 

Conagra and Pinnacle Foods' combined market capitalization is about $23 billion, matching rival Kellogg Co. 

Chicago-based Conagra said the two companies would have reported a combined $11 billion in full-year proforma net sales, and is expected to save about $215 million by the end of the fiscal year 2022.

Including debt, the deal is valued at $10.9 billion. The deal is expected to close by the end of 2018.

Conagra chief executive officer Sean Connolly previously unsuccessfully attempted to buy Pinnacle when he was CEO of Hillshire. The sale was canceled when Hillshire sold itself to Tyson Foods Inc. for $7.7 billion.

Source: Reuters.com, 6/27/18, Conagra to buy Pinnacle for $8.1 billion, creating frozen food powerhouse