It already owns the likes of Durex condoms, Nurofen painkillers and Cillit Bang bathroom cleaner brands and in February, agreed a $17.9bn (£13.8bn) buyout of baby formula-maker Mead Johnson.
"Critically, the £3.2bn represents additional funding for Reckitt Benckiser to continue to consolidate the consumer health space, where it makes significantly superior margins to a number of the incumbents, notably large pharmaceuticals companies", said Whitman analyst Chris Wickham.
"RB Foods' focus on creating products with simple, high-quality ingredients makes it a ideal match for McCormick as we continue to capitalize on the growing consumer interest in healthy, flavorful eating", said Lawrence E. Kurzius, McCormick's CEO. Brands that will be a part of the acquisition include French's Mustard, Frank's RedHot and Cattlemen's.
The company said in April that its foods business is "nevertheless non-core to RB", the Financial Times reported. Money gained from selling French's would go to reducing its debt following the Mead Johnson acquisition, it said.
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The transaction still requires regulatory approval, and is expected to close later this year.
Reckitt Benckiser shares rose nearly 1.3% after it announced the sale of its food unit. The deal is expected to provide a sizeable boost to the company's sales, with a projected increase from $4.4 billion in its fiscal year 2016 to around $5 billion.
"This transaction marks another step towards transforming RB into a global leader in consumer health and hygiene", said Rakesh Kapoor, CEO of RB.
Software firm Micro Focus rose 1.9 percent as tech stocks across Europe had their best day in 10 months. McCormick's Kurzius said at the time that Premier was just one of the company's M&A ideas.
The hot sauce category will continue to see robust growth, according to McCormick, and there are significant opportunities for expansion. We think the strategic rationale of the tie-up, the possibility of which we'd written about in April, is clear: It affords McCormick the opportunity to leverage its leading presence in the spices, seasoning, and food flavoring aisle with high-growth, high-margin condiment brands, complementing its 2015 purchase of USA barbecue sauce maker Stubb's.