US-based consumer packaged goods company Post Holdings has entered a definitive agreement to acquire Conagra Brands’ Peter Pan peanut butter brand.

Financial details of the deal have not been disclosed.

With a 100-year-old history, the Peter Pan brand has a diversified customer base across key channels in the country.

In 1990, Conagra Brands reportedly took over the Peter Pan brand after it acquired the Beatrice Co. for $1.3bn.

All the products are currently co-manufactured by Post’s affiliate company called 8th Avenue Food & Provisions, which produces a wide range of creamy and crunchy peanut-butter spreads for the Peter Pan brand.

Last year, 8th Avenue acquired an Illinois-based peanut butter manufacturing plant from Conagra.

According to the agreement, Conagra has agreed to provide transitional services to facilitate transitioning the business.

Completion of the deal is subject to customary closing conditions, including the receipt of any applicable regulatory approvals.

The deal is expected to close in the first calendar quarter of 2021.

For this deal, Conagra appointed Goldman Sachs & Co as financial adviser.

Last October, Conagra Brands completed the sale of a portion of its snacks business that operates under a direct-store-delivery (DSD) model to Utz Quality Foods.

Under the deal, Utz Quality Foods acquired snack brands such as Tim’s Cascade Snacks, Hawaiian Snacks, Erin’s, El Restaurante, Snyder of Berlin, Pop-N-Thin and Husman’s. Financial details of the deal were not disclosed.

Conagra noted that the snacking business will be one of the key parts in its overall growth strategy.