Minneapolis, Minnesota-based leading global food company General Mills acquired Tyson Foods’ pet treats business, which includes the Nudges, Top Chews and True Chews brands, in a $1.2 billion deal that will provide an estimated tax benefit of $225 million to General Mills, equating to an effective purchase price of $975 million. Faegre Drinker represented General Mills in the transaction.
General Mills, which makes and sells market-leading consumer packaged goods brands, including Cheerios, Annie's, Yoplait, Nature Valley, Häagen-Dazs, Betty Crocker, Pillsbury, Old El Paso, Wanchai Ferry, Yoki, BLUE and more, will also acquire a manufacturing facility in Independence, Iowa as part of the deal. The acquisition of the pet treats portfolio, which generated more than $240 million in net sales in the 12 months that ended April 3, 2021, will strengthen General Mills’ position in the high-growth pet food category.
A cross-office, cross-practice Faegre Drinker team provided support to the transaction, including professionals from the corporate, antitrust, real estate, labor and employment, employee benefits, food and beverage, intellectual property, and privacy, cybersecurity and data strategy practice groups.
