American food firm J. M. Smucker Company has completed the acquisition of Big Heart Pet Brands in a cash and stock transaction valued about $6bn.
J. M. Smucker, which offers food products including peanut butter, jam and Folgers coffee, announced this acquisition in February this year.
The transaction includes the assumption of around $2.6bn of net debt, the company stated.
J. M. Smucker Company CEO Richard Smucker said: "We are excited to have completed this transaction, which provides the Company an immediate and significant presence in the large and growing pet food and snacks category.
"Adding a third platform for growth, along with our existing food and beverage businesses, the transaction increases our center-of-the-store presence with consumers and retailers, while further enhancing shareholder value."
Headquartered in San Francisco, Big Heart Pet Brands offers branded pet food and pet snacks in the US. Its brands include Meow Mix, Milk-Bone, Kibbles 'n Bits, 9Lives, Natural Balance, Pup-Peroni, Gravy Train, Nature's Recipe, Canine Carry Outs, and Milo's Kitchen.
For this purchase, Smucker funded the non-equity portion through the combination of a $1.75bn bank term loan and $3.65bn of long-term bonds.
In September last year, Smucker acquired Sahale Snacks from Palladium Equity Partners.
