Diageo has completed its sale of Pillsbury foods to General Mills in a deal valued at £7.1 billion sterling.
This is nearly £70 million less than the originally agreed price.
Diageo says the transaction will result in a pre-tax exceptional gain of around £400 million before transaction costs, but after charging goodwill previously written off.
The deal has been completed just over a week after the US Federal Trade Commission cleared the sale.
Under the terms of the final agreement, Diageo says it will receive 134 million General Mills shares, at £30.27 per share for a total value of just over £4 billion.
The deal also includes cash and assumed debt of £2.6 billion, as well as nearly £461 million which may be paid to Diageo in whole or in part 18 months after the close of the deal.
Diageo also says it plans to exercise an option to sell 55 million of its General Mills shares back to the US company within the next six days at £28.99 per share.
PA