Jif peanut butter maker to buy Twinkies parent

Twinkies maker Hostess might be sold to Jif peanut butter parent company J.M.Smucker for around $4 billion today if there aren’t any last-minute snags, says the Wall Street Journal. 

Sources close to the suspected deal say the value doesn’t account for Hostess’s net debt of about $900 million. The company has a market capitalization of $3.73 billion, while buyer Smucker is valued at over $14 billion.

The deal is between two of the largest packaged snack makers in the country and is the latest among a series of food industry acquisitions happening recently. 

Snickers maker Mars bought health food company Kevin’s Natural Foods in July; the deal values private equity-backed Kevin’s at nearly $800 million. Campbell Soup acquired Rao’s sauce maker Sovos Brands for $2.7 billion and Unilever purchased yogurt brand Yasso recently.