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The Blackstone Group-backed Pinnacle Foods Group has entered into a definitive agreement to acquire Birds Eye Foods from Vestar Capital Partners for $1.3 billion. Blackstone is making a significant equity investment in Pinnacle to support the transaction, which will include debt financing from a number of banks, such as Barclays Capital, Credit Suisse and BofA Merrill Lynch. It was Birds Eye Foods' $350 million IPO registration that reportedly piqued a number of parties' interest in the company and eventually led to the Pinnacle Foods deal. That IPO will be withdrawn as a result of the deal.
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