U.S. food company Kellogg plans to buy Brazilian peer Parati Group about $430 million, acquiring a maker of biscuits, pasta and powdered beverages.
The deal marks Kellogg's largest purchase in Latin America and the company's fourth acquisition in emerging markets during the past two years. It will also help the company to expand its business in Latin America, boosting emerging markets to about 15 percent of the company's sales.
Kellogg has expanded its snack business since acquiring the Pringles brand in 2012, with that unit accounting for roughly 50 percent of sales in 2016.
Previously, Kellogg bought a 50 percent stake in Nigerian food distributor Multipro for $450 million and it acquired Mass Food Group, Egypt's top cereal company.