- Clayton, Dubilier & Rice (CD&R), a private investment firm, and TPG Capital will acquire animal-health technology and services company Covetrus Inc (NASDAQ:CVET) for $21.00 per share, representing an enterprise value of approximately $4 billion.
- CD&R and its affiliates currently beneficially own approximately 24% of the company's outstanding shares of common stock.
- The transaction represents a 39% premium to Covetrus' 30-day volume-weighted average price per share as of the unaffected stock price as of May 13, 2022.
- Related: Raymond James View Skewed Scenarios On Absent Supportive Bid For This Animal Health Stock.
- "Covetrus has undergone a true transformation since our initial 2015 investment in its predecessor, Vets First Choice, growing from $55 million in revenue focused primarily on online pharmacy in the US to a leading global provider of animal health services with more than $4.6 billion in revenue," said Sarah Kim, Partner at CD&R.
- The transaction is expected to close in the second half of 2022.
- Upon completing the transaction, Covetrus will become a private company and no longer be publicly listed or traded on NASDAQ.
- Covetrus' management team, including Benjamin Wolin, President & CEO, is expected to continue to lead the company.
- Covetrus plans to maintain its headquarters in Portland, Maine, and will continue to operate under its current brands.
- Price Action: CVET shares are up 4.20% at $20.49 during the market session on the last check Wednesday.
Get all your news in one place.
100’s of premium titles.
One app.
Start reading
One app.
Get all your news in one place.
100’s of premium titles. One news app.
CD&R, TPG Take Covetrus Private In $4B Deal
Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member?
Sign in here
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member?
Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member?
Sign in here
Our Picks