Hershey's to acquire SkinnyPop parent Amplify

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Hershey offering to buy SkinnyPop maker. Maribel Aber reports during Action News at 6 a.m. on December 18, 2017. (WPVI)

Hershey's is buying the parent company of SkinnyPop.

The chocolate-maker announced Monday they have entered into a definitive agreement under which Hershey will acquire all outstanding shares of Amplify for $12 per share in cash.

Amplify brands include SkinnyPop, Tyrrells, Oatmega,and Paqui.

The transaction is valued at approximately $1.6 billion. It is expected to close in the first quarter of 2018.

This deal is part of Hershey's efforts to expand its portfolio of products beyond chocolate.

"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 sub-segment of the warehouse snack aisle," Michele Buck, The Hershey Company President and Chief Executive Officer, said in statement. "Hershey's snack mix and meat snacks products, combined with Amplify's Skinny Pop, Tyrrells, Oatmega, Paqui and other international brands, will allow us to capture more consumer snacking occasions by creating a broader portfolio of brands."

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