by Jessica Sabbath
Richmond-based Performance Food Group announced Friday that it will be acquired for $1.3 billion by an affiliate of The Blackstone Group and Wellspring Capital Management.
Stockholders will receive $34.50 for each outstanding share of Performance Food Group they own, and the merger is subject to shareholder approval. The food distribution company’s board of directors unanimously approved the merger.
The merger will bring together Performance Food Group and Vistar Corp., another food service distributor controlled by Blakstone and Wellspring.
The merger is expected to be complete by the end of the second quarter.
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