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Hershey buys nutrition bar maker One Brands

Chocolate maker Hershey Co. said Aug. 27 that it has agreed to acquire One Brands LLC for $397 million or about $325 million net of tax benefits.

One Brands produces low-sugar, high-protein nutrition bars. The deal is expected to enable Pennsylvania-based Hershey to provide a competitive offering of brands in the nutrition bar category.

Hershey said it will fund the transaction with cash on hand and short-term borrowings.

The deal is expected to close in the fourth quarter, subject to customary closing conditions. The acquisition is expected to be slightly accretive to Hershey's earnings in the first full year after closing.