HERSHEY, Pa. -- The Hershey Co. and Amplify Snack Brands Inc. have entered into a definitive agreement under which Hershey will acquire all outstanding shares of Amplify for $12 per share in cash. Amplify Snack Brands is behind growing snack brands Skinny Pop, Paqui chips, Oatmega healthy snack bars and Tyrrell's potato chips.
“The acquisition of Amplify and its product portfolio is an important step in our journey to becoming an innovative snacking powerhouse, as together it will enable us to bring scale and category management capabilities to a key subsegment of the warehouse snack aisle,” said Michele Buck, Hershey Co. president and CEO. “Hershey’s snack mix and meat snacks products, combined with Amplify’s ... brands, will allow us to capture more consumer snacking occasions by creating a broader portfolio of brands.”
Amplify Snack Brands president and CEO Tom Ennis said the deal will allow Amplify to continue in its goal "to bring transparency to our products, and clean ingredients and great-tasting snacks to consumers."
"This transaction is a continuation of our mission, as Hershey also believes in bringing to consumers great-tasting snacks made with the best ingredients possible," Ennis said. "Hershey is a great cultural partner for Amplify, and I’m excited for our team who will have access to Hershey’s marketing and go-to-market resources to take our brands to the next level."
Hershey's deal for Amplify is valued at approximately $1.6 billion. The transaction is expected to close in the first quarter of 2018.