A Spam and peanut butter sandwich?

Your peanut butter sandwiches are about to get a whole lot spammier.

Hormel, the maker of the notorious and often-spoofed canned meat product Spam, announced Thursday it would buy Skippy peanut butter in a deal that will cost the company around $700 million.

Skippy is a staple in most kitchen cupboards across North America, and is the No. 2 peanut butter brand in the U.S. and the top-selling brand in China. It’s varieties of jarred gooey goodness have graced our slices of loaf bread since 1932 and is sold in approximately 30 countries.

The delicious (or disgusting, depending on your sandwich preferences) deal covers all 11 varieties of peanut butter, as well as two manufacturing plants in Weifang, China, and Little Rock, Ark. And the presence of the brand in a wealth of countries abroad seems to be one of the major reasons Hormel chose to make the pricey investment.

According to Unilever, Skippy’s previous owner as well as the owner of other major household brands such as Dove, Vaseline and Lipton, had been looking to sell off the sticky brand since last year as part of a new corporate strategy.

The sweet deal will likely close early in 2013, and there’s no word yet if Hormel is making any moves to acquire a major jelly brand.