The deal, which was clinched following the failure of Pringles' planned sale to Diamond Foods, vaults Kellogg into the major league in savoury snack foods, with a number two position in the category, according to its chief executive John Bryant.
Pringles is reported to have global sales of around $1.5bn and will become Kellogg's second largest brand after its cereal Special K. The sale will complete P&G's exit from the food sector.
Julian Wild, food group director with Rollits, told FoodManufacture.co.uk: "It is a big punt into the snack foods market and for the sort of money we are talking about, it was always going to be one of them."
Industry commentators are waiting to see what Kellogg will do with the brand.