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The US toy maker Hasbro will acquire the owner of Peppa Pig, Entertainment One, for about 3.3 billion pounds, companies said in a statement.
Hasbro said the agreement would expand its portfolio of entertainment and "family-oriented stories".
Listed in the UK, Entertainment One has other preschool titles, including PJ Masks.
This transaction is the latest in a series of overseas acquisitions of UK-listed companies, including the repurchase of the Greene King pub chain for the amount of 4.6 billion pounds sterling.
As part of this transaction, Entertainment One shareholders will receive £ 5.60 for each common share.
"Hasbro will leverage Entertainment One's immersive entertainment capabilities to bring our portfolio of brands that attract players, fans and families to every screen in the world," the company said in a statement.
The American toy giant is behind many titles, including the My Little Pony and Transformers franchises, as well as the Monopoly and Play-Doh board game.
Entertainment One produces a series of movies and television titles, including the cartoon Peppa Pig.
The company said the best-performing preschool program has been translated into more than 40 languages and broadcast in more than 180 territories.
- Peppa Pig stuck on a popular Chinese app
It is particularly popular in China, where it was exported in the early 2000s. The cartoon drew some 34 billion views on national online video platforms.
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