Flowers Foods (NYSE:FLO) announced in an official news release that it has signed a pair of agreements to buy selected assets from Hostess Brands.The brands to be acquired are the Wonder, Nature's Pride, Merita, Home Pride, and Butternut bread products, as well as the Beefsteak brand. Flowers Foods will also purchase 20 of Hostess' bakeries, and 38 depots.

All told, the two sale agreements amount to $390 million. As Hostess is in bankruptcy, both deals are subject to court approval.

In addition to Wonder bread, Hostess is most widely known as the maker of the popular Twinkies snack cakes.

Eric Volkman has no position in Flowers Foods. The Motley Fool recommends Flowers Foods. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.