Procter & Gamble to sell Pringles to Diamond Foods

(Reuters) - Procter & Gamble Co said it will sell its Pringles business to Diamond Foods Inc in a deal valued at $2.35 billion.

The addition of Pringles to Diamond's portfolio will more than triple the size of Diamond's snack business, and bring in net sales of about $2.4 billion for the fiscal 2011, the company said.

Diamond expects to take up one-time costs of about $100 million related to the transaction over the next two years.

(Reporting by Nivedita Bhattacharjee in Bangalore; Editing by Jarshad Kakkrakandy)