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MOUNTAIN LAKES, N.J. (AP) - Pinnacle Foods Group Inc., the privately held owner of Duncan Hines baking mixes, Hungry Man and Swanson frozen dinners and Vlasic pickles, has agreed to be acquired by a group led by the buyout specialist Blackstone Group for about $1.3 billion in cash.
Former Kraft Foods Inc. Chief Executive Roger Deromedi will become chairman when the deal closes, the companies said in announcing the deal on Monday.
In addition to the cash payment, the buyers will assume about $900 million in debt, Pinnacle spokesman Roy Winnick said.
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