Mead Johnson Nutrition CO (NYSE:MJN) stock was up on Friday following news that Reckitt Benckiser Group Plc-ADR (OTCMKTS:RBGLY) will acquire it.

In its announcement of the acquisition, Mead Johnson Nutrition CO says that Reckitt Benckiser Group Plc-ADR  will acquire it for $16.6 billion. RGBLY will also take on MJN’s net debt of $1.2 billion.

Reckitt Benckiser Group Plc-ADR will be paying $90 per share for Mead Johnson Nutrition CO. This represents a 29% premium to the closing price of MJN’s stock on Feb. 1, 2017, which was the last day of trading before speculation about the deal started.

“Mead Johnson’s geographic footprint significantly strengthens our position in developing markets, which account for approximately 40% of the combined group’s sales, with China becoming our second largest ‘Powermarket,” RBGLY CEO said Rakesh Kapoor. “We are confident that our deep understanding of consumer needs and our expertise in scaling global brands will deliver significant growth for the MJN portfolio.”

Mead Johnson Nutrition CO’s Board of Directors have given their unanimous approval to the deal. However, the deal will still need approval from MJN and Reckitt Benckiser Group Plc-ADR shareholders. It will also need approval from regulators.

Mead Johnson Nutrition CO and Reckitt Benckiser Group Plc-ADR are expecting the deal to close during the third quarter of 2017. MJN says that it will continue to pay quarterly dividends to shareholders until the deal is complete.

Mead Johnson Nutrition CO got finical advice concerning the deal from Goldman Sachs Group Inc (NYSE:GS) and Morgan Stanley (NYSE:MS). Its legal advice came from Kirkland & Ellis LLP.

MJN stock was up 4% and RBGLY stock was down 2% as of Friday morning.