Procter & Gamble (NYSE:PG) has decided to sell its Pringles potato chips to Kellogg Company.

Procter & Gamble Selling Pringles To Kellogg’s

According to reports, Kellogg Co has agreed to buy Pringles potato chips from Procter & Gamble (NYSE:PG) for $2.7 billion in a cash deal.

P&G’s decision to sell to Kellogg follows a failed effort by Diamond to acquire Pringles last year.

The transaction, which is expected to close this summer, will allow Procter & Gamble (NYSE:PG) to exit the snack-food business and gives cereal maker Kellogg a popular addition to its line of snacks.

Procter & Gamble Co. (NYSE:PG) shares are currently standing at 64.55.

Price History
Last Price: 64.55
52 Week Low / High: 57.56 / 67.72
50 Day Moving Average: 65.14
6 Month Price Change %: 4.6%
12 Month Price Change %: -0.1%