General Mills Inc. (NYSE: GIS) agreed to buy Blue Buffalo Pet Products Inc. (NasdaqL BUFF) for about $8 billion, adding the maker of natural dog and cat food to a portfolio that includes Haagen-Dazs ice cream and Cheerios cereal.

The company plans to pay $40 a share for Blue Buffalo, which sells products like “antioxidant-rich” dog nutrition and cat food under brands such as Blue Life Protection Formula, Blue Wilderness and Blue Basics. The deal comes as global food giants snap up makers of natural and organic products, which are outpacing mainstream brands in growth.

“In pet food, as in human food, consumers are seeking more natural and premium products,” General Mills CEO Jeff Harmening said in a statement.

Over the past three years, Blue Buffalo has delivered compound annual net sales growth of 12 percent, the companies said, reaching $1.3 billion in the 2017 fiscal year.

General Mills is one of several consumer-product giants focusing on pet care, a $30 billion market in the U.S. alone. Nestle SA has said its Purina division is a central focus as the Swiss company divests slower-growing units like its U.S. confectionery business. Cargill Inc. in January agreed to buy Pro-Pet, the maker of Black Gold dog food.

The buzz around the pet-food sector means another suitor may emerge for Blue Buffalo, said Pablo Zuanic, an analyst at Susquehanna International Group.

“We think there is potential for counterbids,” he said in a research note. J.M. Smucker Co. wants to beef up its pet-food presence and the sector is a priority for Nestle, he said.

General Mills, based in Minneapolis, will finance the deal with debt, cash on hand and about $1 billion in equity. The price represents a 23 percent premium to Blue Buffalo’s 60-day volume-weighted average price. The deal has been approved by both companies’ boards but needs to be cleared by regulators.

Goldman Sachs Group Inc. (NYSE: GS) advised General Mills on the deal, while Cleary Gottlieb Steen & Hamilton LLP was the company’s legal counsel. JPMorgan Chase & Co. (NYSE: JPM) and Centerview Partners LLC served as the financial advisers to Blue Buffalo, with Simpson Thacher & Bartlett LLP providing legal advice.