Popular spread Vegemite has been sold to Bega by US food giant Mondelez International.
Mondelez gained control of the iconic spread when it was spun out of Kraft into a separate food business.
The $460 million deal includes Bega taking control of other Kraft-branded products including peanut butter, cheeses and mayonnaise.
The businesses changing hands make around #310 million a year in gross profit, measured by earnings before interest and tax.
The Aussie producer will borrow money to fund the acquisition but sell off other assets to help pay for it.