Hormel Foods lands Applegate for $775M

• Hormel Foods (NYSE:HRL) acquires organic brand Applegate for $775M.
• The transaction is expected to close within 60 days.
• The company plans to let Applegate run its business as a standalone subsidiary in its Refrigerated Foods segment.
• The deal is expected to have a neutral impact on Hormel's EPS in 2016 before contributing $0.07-$0.08 in 2016.
• HRL +3.43% after hours.