Colgate-Palmolive (CL) announced that it has agreed to acquire Care TopCo, owner of the Prime100 pet food brand. This acquisition provides the company’s Hill’s Pet Nutrition division with an entry into the fresh pet food category. Based in Melbourne, Australia, Prime100 is a fresh pet food brand offering both refrigerated and shelf stable products, sold to pet specialty and other retailers in Australia. The transaction will be financed with a combination of debt and cash and is currently expected to close in the second quarter of 2025. The acquisition is conditioned upon receipt of regulatory approval in Australia. The transaction is not expected to have a material impact on diluted earnings per share in 2025.
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