Smucker’s will Acquire Hostess in $5.6 Billion Deal

On Monday, J.M. Smucker announced a $5.6 billion deal in which the company would purchase Hostess, the maker of Twinkies and Ho Hos.

Smucker’s claimed the deal expands the company’s “offerings of beloved brands in growing categories and accelerates its focus on convenient consumer occasions,” according to CNN.

As for Hostess, according to the company’s CEO, it is on the same page. “We believe this is the right partnership to accelerate growth and create meaningful value for consumers, customers and shareholders. Our companies share highly complementary go-to market strategies, and we are very similar in our core business principles and operations.”

Additionally, according to CNN, Hostess has filed for bankruptcy twice during its existence so this purchase is considered a “remarkable turnaround.”

Shares of Hostess reportedly rose 20% for the month after word got around that the company was for sale.