Hershey (NYSE:HSY) announces the acquisition of protein bar maker ONE Brands for $397M.

The company says ONE Brands will be a strong strategic fit within its overall innovative snacking powerhouse vision. The acquisition is expected to enable Hershey to provide a competitive offering of brands in the nutrition bar category.

The transaction will be financed with cash on hand as well as short-term borrowings.

The transaction is expected to close in Q4.

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