South Korean food giant CJ CheilJedang Corp. has finalized a deal to take over a controlling 80 percent in Minnesota food distributer Schwan’s Company for $1.84 billion in its biggest-ever M&A project as a part of its global campaign.

CJ CheilJedang in a disclosure on Thursday said it will pay 2.09 trillion won ($1.84 billion) via its special purpose company CJ Foods DE Corp. to buy out the frozen food and dining business founded by the Schwan family in 1952 as a delivery business in iconic gold trucks. The 20 percent will stay with the family and the management unchanged.

Shares of CJ CheilJedang finished 5.86 percent higher at 361,500 won on Thursday.

This is the biggest M&A deal the company has ever announced since its inception. The previous peak was the group’s 1.98 trillion won acquisition of Korea Express, which was renamed to CJ Logistics Corp.

For stable financing, CJ CheilJedang will raise up to 700 billion won from private equity fund JKL, and NH Investment & Securities also will arrange fund with institutional investors.

The latest acquisition comes at a time when CJ CheilJedang is striving to become a global food name with efforts to expand its overseas production bases in the U.S., China, Russia and Vietnam. Before Schwan’s, it acquired two food labels of U.S.-based Kahiki Foods and Germany’s Mainfrost in August.

Schwan’s is one of the largest food makers in the U.S. famous for Mrs. Smith’s pies and Tony’s pizza.

By Jin Young-tae and Lee Ha-yeon

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