Mars will acquire significant portions of Procter & Gamble’s pet food business when it purchases Iams, Eukanuba and Natura brands for $2.9 billion in cash.
The transaction is expected to be complete in the second half of 2014 and is subject to regulatory approval.
“We view the addition of the Iams, Eukanuba and Natura brands as exceptionally strategic,” said Todd Lachman, Mars Petcare Global president, in a statement. “This acquisition is a perfect fit with our Mars Petcare vision of making a better world for pets. The deal reinforces our leadership in pet nutrition and veterinary science, attracts world class talent and grows our world leading portfolio.”
The P&G brands will join Mars Petcare’s Pedigree, Whiskas, Banfield and Royal Canin brands.
P&G chairman, president and CEO A.G. Lafley said, “Exiting pet care is an important step in our strategy to focus P&G’s portfolio on the core businesses where we can create the most value for consumers and shareowners. The transaction creates value for P&G shareowners, and we are confident that the business will thrive at Mars, a leading company in pet care.”
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