Snyder’s-Lance, Inc., Charlotte, NC, and Diamond Foods Inc., San Francisco, have entered into a definitive agreement under which Snyder’s-Lance will acquire all outstanding shares of Diamond Foods in a cash and stock merger transaction for approximately $1.91 billion, including the assumption of approximately $640 million of indebtedness. The agreement has been approved by both companies’ boards of directors.
The strategic combination of Snyder's-Lance and Diamond Foods creates an innovative, highly complementary and diversified portfolio of branded products. Diamond Foods is a leading snack food company with five brands including Kettle Brand potato chips, KETTLE Chips, Pop Secret popcorn, Emerald snack nuts and Diamond of California culinary nuts. Each Diamond Foods brand brings unique strengths that fit with Snyder's-Lance's strategic plan, while increasing the company's annualized net revenue to approximately $2.6 billion.