It has been announced that Hostess, the maker of Twinkies and Ho Hos, will be acquired by J.M. In an agreement worth $5.6 billion, J.M. Smucker will acquire Hostess.

In announcing the acquisition, Smucker said it was expanding its offerings of “beloved brands in growing categories as well as accelerating its focus on convenient consumer occasions.”

In early trading, Hostess shares surged 19%. After reports surfaced that the 94-year-old company was for sale, the stock has already risen 20% for the month. The deal is expected to close in 2024, with Hostess stockholders receiving $30 in cash and .03002 shares of Smucker’s stock.

According to Hostess CEO Andy Callahan, “This partnership will accelerate growth and create meaningful value for consumers, customers, and shareholders.” There are many similarities between our companies in terms of our core business principles and operations as well as our complementary go-to-market strategies.”

Apart from Twinkies, Hostess makes a number of sweet treats, such as Zingers, Snoballs, and Ding Dongs. Making cereals has even become a part of its business.

In addition to Hostess, Smucker’s portfolio already includes Jif peanut butter, Uncrustables and its namesake jelly and jams. Providing greater convenience and selection to consumers across occasions will be the goal of the acquisition, according to Smucker.

Hostess, which has filed for bankruptcy twice during its existence, has made a remarkable turnaround with the purchase. Founded in 1919, Hostess started making Twinkies in 1930.