LONDON — McCormick & Co. will account for more space in U.S. cupboards after agreeing to buy French’s mustard and Frank’s Red Hot sauce in a deal worth $4.2 billion.

The spice maker, which is based in Sparks, Maryland, near Baltimore, will acquire the food business of Reckitt Benckiser, the British consumer-goods company, and intends to finance the deal through a combination of debt and equity. The business includes the French’s, Frank’s Red Hot and Cattlemen’s brands.

The sale, announced late Tuesday, came after Reckitt Benckiser announced a strategic review in April of its food business.

The acquisition of Frank’s Red Hot, French’s mustard and “other beloved products enables McCormick to become a one-stop shop for condiment, spice and seasoning needs, providing our customers and consumers with an even more diverse and complete flavor product offering,” Lawrence Kurzius, the McCormick chairman, president and chief executive, said in a news release.

The transaction is expected to be completed in the third or fourth quarter of McCormick’s fiscal year, which ends in November. The deal is subject to regulatory approval.

Reckitt Benckiser has moved away from the food business in recent years and increasingly focused on consumer health products, including Durex condoms, Nurofen pain relievers and Scholl foot care.

In February, Reckitt Benckiser agreed to buy Mead Johnson Nutrition, the maker of Enfamil baby formula, for $16.6 billion.

That deal, which was completed in June, significantly expanded its sales in developing countries.

Other major food brands have become takeover targets in recent years as their owners look to breathe new life into mature brands. Consumers also are increasingly looking for higher-value or more exotic foods to add to their kitchen cabinets.

In 2013, 3G Capital, the Brazilian investment firm, and the billionaire investor Warren Buffett bought Heinz, the condiment and canned foods giant.

They then merged it with Kraft Foods two years later to create Kraft Heinz.

In February, Kraft Heinz offered to buy Unilever, the consumer goods giant, for $143 billion, but quickly rethought the deal and withdrew its offer.

Then in April, Unilever made its own deal for Sir Kensington’s, a maker of fancy ketchup and other condiments.

The Sunday Times of London reported this week that Unilever was among the companies bidding for Reckitt Benckiser’s food business.