Pet health provider PetIQ to go private in $1.5 billion deal with Bansk Group

Reuters

August 7, 2024 at 8:07 a.m.·1 min read

(Reuters) -Private equity firm Bansk Group will acquire pet health company PetIQ for about $1.5 billion in cash, the companies said on Wednesday.

The deal gives the consumer health-focused private equity firm access to PetIQ's pet health products, including over-the-counter medications, diagnostic tests and grooming services.

As part of the deal, Bansk Group will pay $31 for each share of PetIQ held, representing a premium of 51% to the stock's last close.

The transaction is expected to close in the fourth quarter of 2024.

Upon completion of the deal, PetIQ will be privately held and continue to be operated independently, the companies added.

Jefferies LLC is serving as financial advisor for PetIQ in the deal.

(Reporting by Mariam Sunny in Bengaluru; Editing by Alan Barona)

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