Australian cheese company Bega has closed a deal to buy Vegemite and other associated brands, for 460 million Australian dollars.

The company will also take ownership of a number of Kraft branded products from the Mondelez International stable of assets, including ZoOSh mayonnaise and Bonox, in order to expand their range in Australia and New Zealand.

"In addition to Vegemite and the other brands being undeniably iconic, the people we are taking on are very impressive and will play an important role in growing the merged business," Executive chairman of Bega, Barry Irwin, said in a statement.

Bega intends to incur debt to make the purchase, but said the deal will boost earnings per share from the first year onward.