Diamond Foods, Inc. has agreed to merge with the Pringles unit of household products giant The Procter & Gamble Company in a deal worth $2.35 billion, the companies announced Tuesday.
In the transaction, P&G is to receive some 29 million shares of Diamond common stock worth $1.5 billion, which will comprise 57 percent of the merged entity. At the same time, San Francisco–based Diamond–whose brands include Pop Secret popcorn and Emerald nuts–will assume $850 million in Pringles debt, giving Diamond shareholders a 43 percent stake in the merged company.
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