Under the terms of the acquisition Conagra acquired Pinnacle Foods for a total $10.9 billion consideration - consisting of cash, shares and debt - implying a valuation of $68 per share. The cash and shares element of the acquisition involved EQ US transferring $5.1 billion in cash and 77,450,341 shares, valued at $35.42 per share with a total value of over $2.7bn, from Conagra to Pinnacle Foods’ shareholders.
The transaction was served by EQ, Equiniti’s U.S. business. Equiniti launched E.Q. when it acquired Wells Fargo Shareowner Services (“WFSS”), a division of Wells Fargo Bank, N.A., in February 2018.
Commenting on the transaction, Todd May, CEO, EQ, said:
"We are delighted that Conagra chose Equiniti to support it in this significant transaction. Our reputation for high quality service and execution means EQ works with the largest corporations in America and is consistently involved the largest corporate actions in the world’s largest capital market.”
For more information:
EQ (U.S. contact)
Tel: 651 306 4425
Temple Bar Advisory (U.K. contact)
Alex Child-Villiers/William Barker / Sam Livingstone
Tel: +44 (0) 207 002 1080
Notes to editors:
Equiniti Group plc is a multinational specialist technology outsourcer providing non-discretionary payment and administration services to some of the world’s best-known brands and U.K.’s largest public-sector organizations. It is the U.K..’s leading provider of share registration, employee share plans, and associated investor services, and also has market leading positions in pension administration and software, and employee benefit schemes. Equiniti’s services, which are delivered by over 5,000 employees, benefit 28 million people in the U.K. and 120 countries around the world.
EQ provides a range of transfer agent services that enable clients to manage share registers, communicate with shareowners and undertake significant corporate actions – simply and effectively. Established in 1929, EQ has offices in New York City and operations in Minnesota. Formerly known as Wells Fargo Shareowner Services, EQ was purchased in 2018 by Equiniti Group plc, the U.K.’s leading provider of shareowner and associated investor services. EQ is proud to be part of an international organization that services 23 million shareholders and more than 1,200 clients worldwide.