Nomad Foods on Thursday confirmed it is buying the continental European operations of frozen-food maker Findus Group for £500 million ($780.7 million) in cash and shares.

Nomad, founded by entrepreneurs Martin E. Franklin and Noam Gottesman, said it had entered into an option agreement to buy Findus Sverige and its subsidiaries from the company's backers, which including Highbridge Principal Strategies, Lion Capital and Sankaty Advisors.