General Mills to acquire Whitebridge Pet Brands for $1.45 billion

(Reuters) -General Mills said on Thursday it has entered into a definitive agreement to acquire Whitebridge Pet Brands’ North American premium cat feeding and pet treating business in a transaction valued at $1.45 billion.

General Mills (NYSE:) said the deal could further advance its Accelerate strategy, with a focus on its core markets, global platforms and strong local brands to drive steady growth and top-tier shareholder returns in the long run.

Whitebridge’s business includes the Tiki Pets and Cloud Star portfolio of brands, and its cat feeding and pet treating segments collectively make up $24 billion in retail sales.