J.M. Smucker to acquire Hostess Brands for $5.6B enterprise value, $34.25/share

J M SMUCKER Co

Acquires Hostess Brands for $34.25/share ($30 cash + 0.03002 SJM shares); total enterprise value ~$5.6B incl. $900M net debt.
Estimated adj. EBITDA multiple ~17.2x; ~13.2x with anticipated $100M run-rate cost synergies within 2 years.
Deal adds ~$1.5B net sales with mid-single-digit growth; expected accretive to adjusted EPS in first fiscal year.
Transaction financed with $5.2B fully committed bridge loan from Bank of America and RBC Capital Markets.
Expected close in Q3 of fiscal year ending Apr 2024; unanimously approved by both boards.

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