Mars, Incorporated to acquire VCA Inc.
The transaction is expected to complete later in 2017.
Transaction price set at around $9.1 billion
Mars, Incorporated has entered an agreement to acquire VCA Inc., which owns nearly 800 animal hospitals in the US and Canada.
Mars is set to acquire all outstanding shares of VCA for $93 per share - a total value of around $9.1 billion, which includes $1.4 billion in outstanding debt.
When the acquisition is complete VCA will operate as a distinct business unit within Mars Petcare, alongside other veterinary businesses; Banfield Pet Hospital, Bluepearl and Pet Partners. VCA will continue to be led by Bob Antin, its chief executive officer, president, chairman and founder.
Since it was founded in 1986, VCA has grown to nearly 800 veterinary hospitals with 60 diagnostic laboratories. The company operates across four divisions: veterinary services, laboratory diagnostics, imaging equipment and medical technology and pet care services.
Mars CEO Grant F Reid commented: “We are thrilled to welcome VCA to the Mars family and to our portfolio of brands and businesses around the world.
“VCA is a leader across pet health care and the opportunity we see together - for pets, pet owners, veterinarians and other pet care providers - is tremendous.
“We have great respect for VCA, with whom we share many common values and a strong commitment to pet care. Together, we will be able to provide even greater value, better service and higher quality care to pets and pet owners.”
The transaction is subject to VCA shareholder approval, customary regulatory approval, and other conditions. It is expected to complete later in 2017.
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