MINNEAPOLIS & PARSIPPANY, N.J. — General Mills Inc. has announced that it has reached a definitive agreement to sell its Green Giant and Le Sueur frozen and canned vegetable businesses to B&G Foods Inc. 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 included in the proposed transaction, comprised of the United States, Canada and select other markets, generated annual net sales of approximately $585 million in fiscal 2015.

“The acquisition marks our entry into the frozen food category, which we believe will open many future growth opportunities,” said Robert C. Cantwell, president and CEO of B&G Foods.

The transaction, which is subject to regulatory approval, is expected to close by the end of the calendar year. General Mills expects to use the net proceeds for share repurchases and debt reduction.

B&G Foods and its subsidiaries manufacture, sell and distribute a diversified portfolio of branded shelf-stable foods across the United States, Canada and Puerto Rico. Based in Parsippany, N.J., its brands include Ac’cent, B&G, B&M, Baker’s Joy, Bear Creek Country Kitchens, Brer Rabbit, Canoleo, Cary’s, Cream of Rice, Cream of Wheat, Devonsheer, Don Pepino, Emeril’s, Grandma’s Molasses, JJ Flats, Joan of Arc, Las Palmas, MacDonald’s, Mama Mary’s, Maple Grove Farms, Molly McButter, Mrs. Dash, New York Flatbreads, New York Style, Old London, Original Tings, Ortega, Pirate’s Booty, Polaner, Red Devil, Regina, Rickland Orchards, Sa-són, Sclafani, Smart Puffs, Spring Tree, Sugar Twin, Trappey’s, TrueNorth, Underwood, Vermont Maid and Wright’s. B&G Foods also sells and distributes Static Guard, a household product brand.

Minneapolis-based General Mills is one of the world’s leading food companies. Its brands include Cheerios, Fiber One, Häagen-Dazs, Nature Valley, Yoplait, Betty Crocker, Pillsbury, Old El Paso, Wanchai Ferry, Yoki and more. It had fiscal 2015 worldwide sales of $18.7 billion, including the company’s $1.1 billion proportionate share of joint-venture net sales.