Mars to buy P&G’s pet food business for $2.9 billion

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Confectionery company Mars Inc has announced it would buy Procter & Gamble Co’s pet food brands for $2.9 billion to beef up its pet food business.

Mars will buy the rights to the three brands, IAMS, Eukanuba and Natura, in North America, Latin America and other regions excluding most European markets.

The regions included in the deal account for about 80 percent of P&G Pet Care’s global sales.

Mars, whose Petcare business includes brands such as Pedigree, Whiska, Banfield and Royal Canin, also has the option to acquire the brands in several other countries.

The deal is targeted to close during the second half of the year.

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