Performance Food Group (PFGC) agreed to be acquired by an affiliate of Blackstone Group (BX) 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.

More from Food & Drink

Darden Restaurants Soars Following Blowout Earnings - Here's What to Know

Darden Restaurants Soars Following Blowout Earnings - Here's What to Know

Kroger Spikes as Sales Jump and Earnings Top Forecasts

Kroger Spikes as Sales Jump and Earnings Top Forecasts

3 Must Reads on the Market From TheStreet's Top Columnists

3 Must Reads on the Market From TheStreet's Top Columnists

Note to Analysts: Starbucks' Howard Schultz Has Left the Building

Note to Analysts: Starbucks' Howard Schultz Has Left the Building

Will Kraft Heinz Buy Pepsico or Mondelez?

Will Kraft Heinz Buy Pepsico or Mondelez?