Deal expected to close by end of Q1.
Switzerland-based Nestlé is divesting its U.S. candy business to Italy’s Ferrero for about $2.8 billion in cash.
Ferrero is the maker of brands such as Nutella and the Ferrero Roche chocolate-and-hazelnut bon-bons.
According to a report by Yahoo Finance, Ferrero is set to buy the iconic chocolate brands Butterfinger and Crunch bars, as well as the Nerds, SweeTarts and FunDip.
The deal is expected to close at the end of the first quarter.
The acquisition of Nestlé will make Ferrero the third-largest U.S. confectionery business behind Hershey and Mars.
