Smucker to sell pet brands (Rachael Ray Nutrish, 9Lives, etc.) to Post for ~$1.2B

J M SMUCKER Co

Transaction valued at ~$1.2B: $700M cash + ~5.39M shares of Post Holdings common stock.
Brands sold: Rachael Ray Nutrish, 9Lives, Kibbles 'n Bits, Nature's Recipe, Gravy Train, plus private label pet food.
Divested brands expected to generate ~$1.5B net sales for fiscal year ending April 30, 2023.
Deal expected to close in Q4 FY2023, subject to regulatory approvals; dilutive to adjusted EPS by ~$0.45 full-year.
Smucker to focus on dog snacks (Milk-Bone) and cat food (Meow Mix) in remaining pet business.

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