Pet health provider PetIQ to go private in $1.5 bln deal with Bansk Group (updated)

PetIQ

07/08/2024 13:28

(Adds details throughout)
       Aug 7 (Reuters) - Private equity firm Bansk Group will
acquire pet health company PetIQ  PETQ.O  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)
 ((Mariam.ESunny@thomsonreuters.com))