Petcare company VCA to be bought by Mars in a $9.1 billion deal
Pet health care services provider VCA Inc. announced Monday a deal to be acquired by snacks and petcare company Mars Inc. in a deal valued at $9.1 billion, including $1.4 billion in debt. Under terms of the deal, Mars will pay $93 for each VCA share outstanding, which represents a 31% premium to Friday's closing price of $70.77, and gives VCA a market capitalization of about $7.55 billion. The deal is expected to close in the third quarter of 2017. "VCA's industry-leading partnerships with veterinarians and pet care providers together with its expertise in veterinary services, diagnostics and technology will position Mars to deliver accessible, quality care and continue to create a better world for pets," said Poul Weihrauch, Mars' global petcare president. VCA's stock, which has been halted for news until 8:30 a.m. ET, has soared 34% over the past 12 months, while the S&P 500 has rallied 22%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.