CHARLOTTE, N.C., and SAN FRANCISCO — Snyder’s-Lance Inc. plans to buy Diamond Foods Inc. in a cash and stock deal valued at about $1.91 billion.

The companies said Wednesday that the agreement, which includes the assumption of about $640 million in debt, will create a complementary, diversified portfolio of branded snack products.

Diamond’s roster of snack brands includes Kettle Brand potato chips, KETTLE Chips, Pop Secret popcorn, Emerald snack nuts and Diamond of California culinary nuts. The addition of Diamond stands to increase Snyder’s-Lance’s annualized net revenue to approximately $2.6 billion.

The deal also is expected to build on Snyder’s-Lance’s “better-for-you” offerings with more brands and products, aligning to key consumer trends with a diversified portfolio of non-GMO and organic branded products. Snyder’s-Lance also expects the transaction to expand and strengthen its direct-store delivery network in the United States.

Snyder’s-Lance products are sold under the Snyder’s of Hanover, Lance, Cape Cod, Snack Factory Pretzel Crisps, Late July, Krunchers!, Tom’s, Archway, Jays, Stella D’oro, Eatsmart and O-Ke-Doke brands, among others.

“We’re excited to bring together these two highly complementary companies,” stated Carl Lee, president and chief executive officer of Snyder’s-Lance. “Diamond has excelled in delivering exceptional product quality and innovation across their entire product portfolio, with products and ideas that work perfectly alongside our Snyder’s-Lance brands. We plan to take full advantage of the combined sales forces of Snyder’s-Lance and Diamond to drive stronger top line growth than either company could achieve alone.

“Additionally, we will have an opportunity to grow internationally with Diamond’s existing European platform, bringing unique products to consumers in that market,” Lee added. “By combining the resources and expertise of Snyder’s-Lance and Diamond, we expect to see widening profit margins with additional scale and an expanding line of our better-for-you products. We welcome the Diamond team to the Snyder’s-Lance family and look forward to winning together.”

Plans call for Brian Driscoll, president and CEO of Diamond Foods, to join the board of directors of Snyder’s-Lance after the acquisition deal closes. The companies said the transaction is expected to be completed in early 2016, pending stockholder and regulatory approvals and other customary closing conditions.

“The combination of Diamond and Snyder’s-Lance provides the opportunity to create significant value for our stockholders and offers immediate benefits for consumers,” Driscoll commented. “This transaction will create a diversified, branded snacking portfolio with greater operating scale. In addition, we expect the transaction will provide us with greater resources to further develop new product innovation and broaden our geographic reach and route to market across complementary customer bases.”