Mars Buys P&G Pet Food Biz

Candy-maker Mars (McClean, Va.) closed a deal Wednesday to buy 80 percent of Procter and Gamble's (Cincinnati) pet food business. The $2.9 billion deal includes brands Iams, Eukanuba and Natura.

Although Mars is better known for its candy products, Mars Petcare is one of the world’s leading pet food and veterinary care providers. The company already owns brands such as Pedigree, Whiskas and Royal Canin as part of its billion dollar petcare business.

The geographic regions included in the acquisition include North America, Latin America and other selected countries. The agreement includes an option for Mars to acquire the business in several additional countries. The companies expect to complete the transaction in the second-half of 2014, subject to regulatory approvals.