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One of the largest packaged food companies in the world just got bigger.
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On Friday, Nestlé closed a deal to acquire Freshly, a U.S.-based meal delivery service, for $950 million.
Nestlé could also pay up to $550 million more, depending on whether Freshly hits certain growth targets, according to the announcement.
The company, which delivers healthy, prepared meals that customers just have to heat up to enjoy, is expected to make $430 million in sales this year.
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“This move brings together Nestlé's deep understanding of what and how people eat at home, and world-class research and development capabilities with Freshly's highly specialized consumer analytics platform,” the announcement said.
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Freshly was founded in 2015 and is now shipping more than 1 million meals a week to people in 48 states, according to the announcement.