Matthews International Corp. said Monday it would acquire Schawk Inc., a publicly traded branding company, for about $577 million.

The deal announced by Pittsburgh-based Matthews (Nasdaq: MATW) calls for the shareholders of Schawk (NYSE: SGK) to get $11.80 in cash and 0.20582 shares of Matthews for each Schawk share owned.

The merger has already been approved by the Schawk family and family trusts, which account for about 61 percent of the company's shares.

The deal is expected to close by September 2014.