J.M. Smucker acquiring Big Heart Pet Brands for $3.2B

J.M. Smucker Co. is buying Meow Mix maker Big Heart Pet Brands in a $3.2-billion cash-and-stock deal, giving it a presence in the fast-growing pet food industry.

Smucker, known for brands such as Crisco and Folgers, values the deal for the pet food company, known for brands including Milk-Bone, Kibbles 'n Bits and Pup-Peroni, at $5.8 billion when including debt, according to The Associated Press.

The deal comprises $1.3 billion in cash and 17.9 million in shares.

Read more from The Associated Press.