Mars is Buying P&G’s Pet Food Brands for $2.9 Billion

The confectionary company Mars is buying Procter & Gamble‘s pet food brands Iams, Eukanuba and Natura for $2.9 billion, in a big move to boost its pet food business.

Mars is buying the rights to the three brands across North America, Latin America and regions outside of Europe, according to a statement. Mars’ other pet brands include Pedigree, Whiskas, Banfield and Royal Canin.

Procter & Gamble said the move would help it focus on its core businesses, while Mars said the purchase will expand its pet portfolio.

The acquisition accounts for about 80 percent of P&G Pet Care’s global sales, P&G said.