(Reuters) - Procter & Gamble Co <PG.N> said it will sell its Pringles business to Diamond Foods Inc <DMND.O> 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.
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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)