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J.M. Smucker completes acquisition of Rachael Ray-brand pet food maker

Packaged foods and meats producer J.M. Smucker Co. completed its acquisition of Ainsworth Pet Nutrition LLC.

The acquisition, which is valued at $1.7 billion after an estimated tax benefit of $200 million, was funded through the combination of a $1.5 billion term loan and borrowings under the company's commercial paper program.

Smucker CEO Mark Smucker said the target, which produces Rachael Ray brand pet foods, will help raise his company's profile in the space.

"We are excited to have completed this transaction, which increases the scale and further accelerates the growth profile of our pet food and pet snacks business," Smucker said.