Benzinga | Dec 7, 2020 08:33AM EST

Post Holdings Enters Into Definitive Agreement With Conagra Brands To Acquire Peter Pan Peanut Butter Brand; Terms Not Disclosed

ST. LOUIS, Dec. 07, 2020 (GLOBE NEWSWIRE) -- Post Holdings, Inc. (NYSE:POST) ("Post") and Conagra Brands, Inc. (NYSE:CAG) ("Conagra") today announced that they have entered into a definitive agreement for Post to acquire the Peter Pan peanut butter brand from Conagra. Peter Pan is an iconic, nationally recognized brand with a 100-year-old history and a diversified customer base across key channels. All Peter Pan peanut butter products are currently co-manufactured by 8th Avenue Food & Provisions, Inc., an affiliate of Post.



Under the terms of the agreement, Conagra will provide transitional services to facilitate transitioning the business. Final terms of the transaction were not disclosed. The transaction is expected to be completed in the first calendar quarter of 2021, subject to customary closing conditions, including the receipt of any applicable regulatory approvals.

Conagra appointed Goldman Sachs & Co. LLC as financial advisor to assist with the sale.