Performance Food Taken Out

It will be acquired for around $1.3 billion.
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Performance Food Group (PFGC) - Get Report agreed to be acquired by an affiliate of Blackstone Group (BX) - Get Report and Wellspring Capital Management in a transaction valued at roughly $1.3 billion.

Shareholders of Performance Food, a food distributor, will receive $34.50 in cash for each of their shares, a premium of more than 40% to Thursday's close at $24.19.

The transaction will be structured as a combination of Performance Food and Vistar, another food distributor that's already controlled by affiliates of Blackstone and Wellspring.

This article was written by a staff member of TheStreet.com.