Minneapolis-based General Mills, Inc. reached a definitive agreement to sell its Green Giant and Le Sueur frozen vegetable businesses to B&G Foods, Inc., Stoughton, Wis., for approximately $765 million in cash, subject to an inventory adjustment at closing.

General Mills will continue to operate the Green Giant business in Europe and select other export markets under license from B&G Foods. 

The sale reinforces General Mills' strategic priority to shape its portfolio for growth, focusing its resources on the brands, categories and geographic markets that have the greatest future growth opportunities.

The Green Giant and Le Sueur businesses comprised of the United States, Canada and other select markets, generating annual net sales of approximately $585 million in fiscal 2015.