General Mills To Acquire Tyson Foods' Pet Treats Business For $1.2 Bln - Quick Facts

(RTTNews) - General Mills (GIS) said that it reached a deal to acquire Tyson Foods' (TSN) pet treats business for $1.2 billion in cash in a transaction that provides an estimated tax benefit of $225 million, equating to an effective purchase price of $975 million. The business includes the Nudges, Top Chews and True Chews brands.

The company said it intends to fund the acquisition with cash on hand and short-term borrowing. The transaction is expected to be modestly accretive to General Mills earnings in the first 12 months following completion, excluding transaction and integration expenses.

The company expects the transaction to close in the first quarter of fiscal 2022.