(Reuters) – Hershey Co said on Wednesday it would buy Pirate Brands from B&G Foods Inc for $420 million in an all-cash deal, giving the chocolate maker rights to snack brands such as Pirate’s Booty, Smart Puffs and Original Tings.
The deal is expected “to be accretive” to Hershey’s financial targets as the company delves into the more than $2.5 billion cheese puffs market, Hershey said in a statement.
Hershey has been diversifying its business by adding more snacks to its portfolio as more American consumers opt for healthier snacks over sugary candies and chocolates.