Conagra Brands, Inc. engages in the manufacture and sale of processed and packaged foods. It operates through the following segments: Grocery and Snacks; Refrigerated and Frozen; International; Foodservice; and Pinnacle Foods. The Grocery and Snacks segment includes branded, shelf stable food products sold in various retail channels in the United States. The Refrigerated and Frozen segment comprises branded, temperature controlled food products sold in various retail channels in the United States. The International segment consists branded food products, in various temperature states, sold in various retail and foodservice channels outside of the United States. The Foodservice segment focuses in the branded and customized food products, including meals, entrees, sauces, and a variety of custom-manufactured culinary products packaged for sale to restaurants and other foodservice establishments in the United States. The Pinnacle Foods segment involves in the commercially branded and private label food and ingredients, in various temperature states, sold in various retail and foodservice channels in the United States and Canada. The company was founded by Alva Kinney and Frank Little in 1919 and is headquartered in Chicago, IL.
On October 26, 2018, we completed our acquisition of Pinnacle Foods Inc ("Pinnacle"), a branded packaged foods company specializing in shelf-stable and frozen foods (the "Pinnacle acquisition"). As a result of the acquisition, Pinnacle became a wholly-owned subsidiary of the Company. The total amount of consideration paid in connection with the acquisition was approximately $8.03 billion, consisting of cash and shares of our stock, as described in more detail in the section entitled "Acquisitions" below.
In connection with the Pinnacle acquisition, we incurred approximately $8.33 billion of long-term debt and received cash proceeds of $575.0 million ($555.7 million net of related fees) from the issuance of common stock in an underwritten public offering. We used such proceeds for the payment of the cash portion of the Merger Consideration (as defined below), the repayment of Pinnacle debt acquired, the refinancing of certain Conagra Brands debt, and the payment of related fees and expenses.
The integration of Pinnacle is continuing and on-track. We expect to achieve cost synergies of $285 million per year when the integration is concluded.