Mars plans to buy a series of Procter & Gamble (PG) pet food brands for $2.9B.
P&G unloads the Iams, Eukenaba, and Natura brands as part of the deal.
As a result of the sale, P&G will begin reporting results for its global pet care business as a discontinued operation starting in Q2.
The pile of cash from the deal will go to general corporate purposes, says P&G for now.
PG +0.5% premarket