Jones Day and Wachtell Lipton Rosen & Katz have landed roles on the $2.7bn (£1.7bn) sale of Pringles crisps to Kellogg’s.
Procter & Gamble announced today that it had agreed to divest its snacks business to The Kellogg Company in a $2.7bn all-cash deal. The deal is expected to complete in the summer of 2012. Procter & Gamble was set to sell the Pringles business to Diamond Foods for $2.35bn, but that agreement was mutually terminated following an accounting scandal at Diamond that led to the departure of the company’s chief executive.
Jones Day advised Procter & Gamble, having been acting for the company since last year on its failed deal with Diamond. M&A partners Randi Lesnick and Robert Profusek led on the deal for Jones Day.
Wachtell advised Kellogg’s, with corporate partner and co-chairman of the executive committee Dan Neff and corporate partner Ben Roth leading.