It took nearly seven months for Diamond Foods to convince Procter & Gamble to let go of its Pringles potato chip brand. The deal, which will be executed through a Reverse Morris Trust, values Pringles at $2.35 billion, including $850 million of existing debt.

P&G reportedly abondoned talks last year August after it took a closer look at the structure of the deal. Reportedly, Diamond approached P&G with the Reverse Morris Trust trust transaction that was similar to past P&G sales of peanut butter brand Jif and its cooking oil Crisco to J.M. Smucker. According to published reports, P&G would have been able to sell Pringles tax-free while simultaneously giving its shareholders majority control of Diamond.  

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