Austin, MN—Hormel Foods Corporation has entered into a definitive agreement to sell its CytoSport business to PepsiCo, Inc.,according to a press release.

The release notes that the transaction is subject to customary regulatory approvals, but is expected to be completed in 30-60 days.

According to Hormel’s First Quarter Results report, the purchase price is $465 million in cash, subject to adjustments at closing. Total net sales in fiscal 2018 were around $300 million, with operating margins slightly below total company operating margins. The report also said that Muscle Milk® protein beverages helped increase the company’s sales.

Jim Snee, chairman of the board, president, and CEO at Hormel Foods, said in the release, “PepsiCo has deep expertise and experience in the sports nutrition category and has been a long-standing distribution partner for CytoSport and the Muscle Milk® brand, which puts them in a strong position to grow this dynamic business. We look forward to working with PepsiCo to ensure a smooth transition for our team members, suppliers, customers, and consumers.” In the First Quarter Results Report, he added that “It became clear to us over time that PepsiCo is the right long-term owner of this business, as they have deep expertise in this space.”