Hostess Brands LLC, the maker of Twinkies and Ding Dongs, announced Tuesday an agreement with Gores Holding Inc. , in which Hostess will be taken public, with an expected enterprise value of $2.3 billion. Funds managed by Apollo Global Management LLC and C. Dean Metropoulos, the majority owners of Hostess, will hold a 42% combined stake in Gores when the deal is completed. Hostess and Gores expect the deal to close in the third quarter of 2016, at which time the name of the company will be changed to Hostess Brands Inc. Deutsche Bank acted as the lead underwriter of the deal.
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