Kraft Heinz is selling its Planters line of nuts and other snacks to Hormel Foods for an “effective purchase price” of $2.79 billion.

The portfolio includes Planters peanuts, Cheez Balls, Corn Nuts and other products. Announced Feb. 11, the sale is expected to be completed by the second quarter of this year.

According to a Hormel company statement, the Planters portfolio racked up $1 billion in sales last year. Hormel also expects up to $60 million in savings through synergies in production and distribution. The cash price of the transaction was $3.35 billion, but it comes with a $560 million tax break that lowers the effective price to $2.79 billion.

“Planters is an iconic leading snack brand with universal consumer awareness,” Hormel CEO Jim Snee said in the statement. “The acquisition of the Planters business adds another $1 billion brand to our portfolio and significantly expands our presence in the growing snacking space.”