Swiss chocolate maker Chocoladefabriken Lindt & Spruengli said it had agreed to acquire family-owned U.S. candy business Russell Stover, making it the No. 3 chocolate manufacturer in North America.
Lindt and Sprungli CEO, Ernst Tanner, told CNBC that the deal was an "unique opportunity" and was worth in excess of $1 billion.
"(It's) a good position to be in," he said. "With our power of innovating and introducing new products Russel Stover would greatly benefit," he said.