California snacks group Diamond Foods has snapped up the popular Pringles brand in a $2.35 billion deal, its second big foray into the crisps market in as many years.
Diamond said it would pay Proctor and Gamble $1.5 billion worth of its shares for a 57% controlling share in Pringles, and also assume $835m in Pringles debt.
The deal will boost Diamond's revenues from $825m last year to a projected $2.4 billion, the company said.
The deal, termed a split-off and merger, allows P&G shareholders to elect to swap P&G shares for Diamond shares.
Last year Diamond paid $615m for chips maker Kettle Foods. It also owns the Emerald snack nuts brand and Pop Secret microwave popcorn.
'Pringles is an iconic, billion dollar snack brand with significant global manufacturing and supply chain infrastructure,' said Diamond chief executive Michael Mendes.
