NEW YORK (

TheStreet

) --

Blackstone's

(BX) - Get Report

Pinnacle Brands could announce Thursday a deal to acquire

Birds Eye Foods

, the largest frozen-vegetable company in the U.S. for $1.3 billion, the

Wall Street Journal

reports, citing people familiar with the matter.

Birds Eye, majority owned by private-equity firm Vestar Capital Partners, is known for its branded frozen vegetables and meals and holds a 25% market share in the frozen vegetables market. Its warehouses and distribution centers are spread across the Midwest in states including Michigan, Minnesota and Wisconsin, the

Journal

notes.

Pinnacle is the nation's largest packaged-food company and owns well-known consumer brands Duncan Hines, which makes baking mixes, and Swanson, a maker of frozen dinners.

The financing details aren't yet known but it is likely to be an all-cash deal, sources told the

Journal

.