The maker of one of the most popular microwavable popcorn brands is being sold to the snack maker Synder’s-Lance.
Reuters noted that Synder’s-Lance has agreed to purchase Diamond Foods Inc., which makes Pop Secret popcorn as well as Kettle potato chips and Emerald snack nuts, for a whopping $1.27 billion. The deal will include $640 million of Diamond Foods' debt, bringing the total to about $1.91 billion.
Snyder's-Lance owns Snyder's of Hanover and Cape Cod and makes pretzel chips and Lance’s peanut butter sandwich crackers.
ABC News noted that the deal is expected help the Charlotte, North Carolina-based buyer’s product in the United Kingdom and Europe.
"We will have an opportunity to grow internationally with Diamond's existing European platform, bringing unique products to consumers in that market," Snyder's-Lance President and CEO Carl E. Lee Jr. said in a statement.
The company has forecast annual cost-savings at around $75 million as a result of the deal and said it will also boost earnings per share for next year.