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Procter & Gamble Co. has agreed to sell its pet-care business in the U.S. and other major markets to Mars for $2.9 billion in cash. It’s a move long expected for a unit that some saw as a poor fit with a household and personal-care company that years ago sold its human-food brands.

The deal, pending regulatory approval, covers the Iams, Eukanuba and Natura brands in major markets mostly outside Europe, where P&G will retain the business, at least for now. Mars also has an option to buy the European businesses.

“Exiting pet care is an important step in our strategy to focus P&G’s portfolio on the core businesses where we can create the most value for consumers and shareowners,” said P&G Chairman-CEO A.G. Lafley in a statement.

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