The Italian business was the only part of Unilever’s European frozen food operations that it kept when it sold Birds Eye and Iglo to private equity firm Permira in 2006.
The transaction includes leading brands 4 Salti in Padella, Sofficini, Capitan Findus and That's Amore, plus a dedicated factory in Cisterna, Italy.
Unilever Italy chairman James Hill said: "Findus is the lynchpin of an attractive and profitable frozen foods business and I am confident that it will prosper under the dedicated resource and focused management that the new owners will bring.
"With this deal Unilever is now in a stronger position to focus on its core categories outside frozen foods and to achieve long-term growth in the Italian market."
Under the deal, which is subject to EU anti-trust regulatory approval, about 650 factory and head office employees will transfer to Birds Eye. Findus Italy turned over €462m (£391m) in 2009.
It is understood that Birds Eye Iglo beat strong competition for the deal from Findus Group, which is owned by private equity firm Lion Capital.
Unilever's Italian ice cream business, which includes the Viennetta, Solero and Cornetto brands, is not part of the deal.