Hasbro Inc. will buy Entertainment One Ltd (eOne) for about four billion U.S. dollars (3.27 billion pounds) in cash, expanding into the lucrative infant and preschool market by gaining access to popular TV shows like Peppa Pig and PJ Masks.

"Peppa Pig," which stars a pink cartoon pig with a British accent, airs worldwide and is translated into over 40 languages.

Hasbro Inc. says the deal will help it turn more of its toy brands into shows or movies. Many of its brands, including My Little Pony and Transformers, already appear in TV shows and movies. The company spent about 520 million U.S. dollars to add children's entertainment and merchandising franchises last year.

Hasbro will pay 5.60 pounds per share, a premium of 26.4 percent to eOne's close of 4.43 pounds on Thursday. Hasbro will also finance the buy with debt and 1.0 billion U.S. dollars to 1.25 billion U.S. dollars in cash from equity financing, the companies said.

The deal marks the largest UK-listed company to be bought by a foreign buyer since Brexit lead to a weaker pound.

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Hasbro sees annual run-rate synergies of about 130 million U.S. dollars by 2022, helped by savings from a portion of eOne's toy business in-house and improving the profitability of its licensing and merchandising activities.

The deal is expected to close in the fourth quarter of 2019.

Shares of Hasbro were down five percent in extended trading.

(With input from Reuters, AP)