Mars Inc. and The Procter & Gamble Co. have announced that Mars has agreed to buy the Iams, Eukanuba, and Natura brands in major markets for $2.9 billion in cash.
Mars Inc. and The Procter & Gamble Co. have announced that Mars has agreed to buy the Iams
, and Natura
brands in major markets for $2.9 billion in cash. This is a significant strategic move for Mars Petcare to complement its growing global Petcare business. The companies expect to complete the transaction in the second half of 2014, subject to regulatory approvals.
“We view the addition of the Iams, Eukanuba, and Natura brands as exceptionally strategic,” said Todd Lachman, Mars Petcare Global President. “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.”
“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,” said A.G. Lafley, P&G’s Chairman, President, and CEO. “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.”
The geographic regions included in the acquisition, which account for approximately 80% of P&G Pet Care’s global sales, include North America, Latin America, and other selected countries. The agreement includes an option for Mars to acquire the business in several additional countries. Markets not included in the transaction are primarily European Union countries. P&G said it is developing alternate plans to sell its Pet Care business in these markets.