WhiteWave Foods has announced the acquisition of Canada-based plant-based foods manufacturer Vega.

The Alpro owner said it had acquired Vega for approximately US$550m. Vega offers a range of plant-based nutrition products including shakes and snack bars.

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WhiteWave said the acquisition represents an opportunity for it to extend its plant-based foods and beverages business into nutritional powders and bars. The company also sees "additional innovation opportunities".

"Vega’s plant-based nutrition products complement our plant-based foods and beverages portfolio. With its strong brand, high-quality products, and commitment to innovation and sustainability, Vega is a perfect fit for WhiteWave," said Gregg Engles, chairman and CEO of WhiteWave. "The team has built an incredible mission-driven company, which has succeeded by consistently delivering innovative plant-based nutrition products. This compelling, accretive transaction is consistent with our strategy to expand the scope of our business into high-growth and on-trend categories. We are excited to welcome them to the WhiteWave family."

The transaction is expected to add at least $0.06 to WhiteWave’s adjusted earnings per share in 2016, excluding certain transaction and other related expenses, and at least $0.09 accretive to adjusted cash earnings per share, when also excluding acquisition-related intangible amortisation.

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Charles Chang, president and founder of Vega, said: "With WhiteWave as our partner, we now collectively have our sights set on making Vega more accessible to more people."

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The deal is expected to close in the third quarter of this year.