Food distributor Performance Food Group Co. agreed to be acquired by an affiliate of the Blackstone Group and Wellspring Capital Management in a $1.3 billion deal, the companies said on Friday.

Performance Food shareholders will receive $34.50 in cash for each share, a premium of 42.6 percent over Thursday's closing price of $24.19.

Performance Food will be combined with another food service company, Vistar Corp., which is also controlled by Blackstone and Wellspring.

We are excited about the combination of Performance Food Group and Vistar, as it brings together two of the strongest companies and many of the best brands in the foodservice distribution industry, said William F. Dawson Jr., a partner at Wellspring said in a statement.

Blackstone and Wellspring agreed to pay a fee of $40 million if they fail to go through with the deal.

Performance Food will have 50 days to solicit superior proposals.