09:06 AM EDT, 06/06/2025 (MT Newswires) -- Conagra Brands ( CAG ) said Friday that it has agreed to sell its Van de Kamp's and Mrs. Paul's frozen seafood brands to High Liner Foods for $55 million in cash.

The deal, which is expected to completed by the end of next month, includes intellectual property and inventory but excludes employees and production sites, the company said.

The divestiture is expected to reduce adjusted earnings per share by $0.01 in fiscal 2026, the company said.

Conagra said it plans to use the sale proceeds to pay down debt.