American food maker Kellogg announced on 13 October 2016 that it acquired Ritmo Investimento, the parent of food maker Parati, for US$429 million (all cash, paid in reais) (Valor, Globo G1). This marks the largest acquisition by Kellogg in Latin America and confirms the region as a strategic priority for the company. In line with Kellogg, Parati, based in the interior of Santa Catarina state in Southern Brazil, primarily produces snacks, dry pasta, and powdered juices for supermarket consumption. It expects revenue of almost US$190 million in 2016. To assist in financing the transaction, Kellogg will forego US$200 million to US$300 million of authorized share repurchases. The transaction is pending the approval of regulatory bodies and should finalized by the end of 2016.