After 42 years, Procter & Gamble is said to be preparing to unload the popular brand, announcing that it has a deal to sellPringlespotato snacks to San Francisco-based Diamond Foods in a transaction worth $2.35 billion.

In early April, Procter & Gamble Co. (P&G), Cincinnati, announced that it has signed a definitive agreement with Diamond Foods, San Francisco, to sell its homegrownPringlespotato snacks in a deal worth $2.35 billion. As a result, Diamond Foods will merge thePringlesbusiness into its company, making Diamond the No. 2 global player in the savory snack category.

Pringlesis an iconic, billion-dollar snack brand with significant global manufacturing and supply chain infrastructure,” says Michael Mendes, chairman, president and CEO of Diamond Foods. “Our plan is to build upon the brand equity Pringles has established in more than 140 countries. This strategic combination will create an independent, global leader in the snack industry with a focus on quality and innovative products. Not only is this combination immediately accretive, it also creates a platform that we believe will allow us to build shareholder value for years to come.”

Bob McDonald, P&G’s chairman of the board, president and CEO says, “We are confident Diamond Foods will be an excellent new home for our snacks’ employees. This is also a terrific deal for our shareholders-maximizing value and minimizing earnings per share dilution.”

The move will more than triple the size of Diamond's snack business and increase scale in U.S. grocery, mass merchandise, drug and convenience channels to gain greater merchandising and distribution influence.

Pringlesis the world’s largest potato crisp brand with sales in more than 140 countries and manufacturing operations in the United States, Europe and Asia.