General Mills said it had agreed to acquire a North American cat feeding and pet treating business from European private-equity firm NXMH in a deal worth $1.45 billion.

From an estimated $150 billion of spending in 2024, the category is expected to mushroom up to roughly $200 billion by 2030, according to estimates from Bloomberg Intelligence.

General Mills said on Thursday it would buy Whitebridge Pet Brands' North American premium cat feeding and pet treating business in a transaction valued at $1.45 billion to broaden its portfolio and strengthen its pet food business.

General Mills Inc., known for cereal brands such as Cheerios, made its fifth acquisition in the pet food sector since 2018 by buying the North American unit of Whitebridge Pet Brands in a deal valued at $1.

The deal is the fifth major pet-food acquisition for General Mills since it reentered the space in 2018 with its purchase of Blue Buffalo.