General Mills Inc. agreed to sell its Green Giant and Le Sueur vegetable businesses to B&G Foods Inc. for about $765 million, part of an effort to offload mature brands in favor of faster-growing areas.

The cash transaction is expected to close by the end of the year, Minneapolis-based General Mills said in a statement Thursday. As part of the agreement, the food company will continue to operate the Green Giant business in Europe and other markets under a license from B&G.

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