Diamond Foods to buy Kettle Foods for $615 million
Diamond Foods to buy Kettle Foods for $615 million
Diamond Foods to buy Kettle Foods for $615 million
The acquisition, expected to close by the end of Diamond Food's fiscal year ending July 2010, will be funded through a new five-year $600 million credit facility, an equity offering and available cash, the company said in a statement.
Diamond expects the deal to add to earnings in fiscal 2011 and add more than $250 million in revenue.
Assuming the transaction closes before the fiscal year 2011 begins, the company expects full-year earnings of $2.25 to $2.35 a share.
Diamond Foods also reported second-quarter earnings that edged past estimates, helped by strong snack demand.
The company also raised its full-year outlook and now expects earnings per share of $1.79 to $1.83 a share on net sales of $595 million to $610 million.
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