The magnetization of a planar heterostructure of periodically alternating type-II superconductor and soft-magnet strips exposed to a transverse external magnetic field is studied. An integral equation governing the sheet current distribution in the Meissner state of the superconductor constituents is derived. The field of complete penetration of magnetic flux in the critical state of the superconductor constituents is calculated for different widths of the superconductor and the soft-magnet constituents and a range of values of the relative permeability of the soft-magnet constituents.