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MONTREAL — MTY Food Group Inc. has signed an agreement to buy the company that owns the Wetzel's Pretzels chain for $284 million in cash.

MTY chief executive Eric Lefebvre says the deal adds an iconic brand to MTY's U.S. portfolio and strengthens its position in the snack category.

Wetzel's Pretzels is a franchisor and operator with a network of over 350 locations, 90 per cent of which are franchised.

The chain has locations in 25 states in the U.S., as well as in sa¹ú¼Ê´«Ã½ and Panama.

The deal is subject to customary closing conditions including regulatory approvals. 

MTY franchises and operates restaurants under about 90 different banners in sa¹ú¼Ê´«Ã½, the United States and internationally.

This report by The Canadian Press was first published Nov. 2, 2022.

Companies in this story: (TSX:MTY)

The Canadian Press