The very famous candy as well as food maker company Mars Inc is now purchasing VCA Inc, which is an animal hospital company for around $93 per share or close to around 9.1 billion, which includes the debt.

BDT and Morgan Stanley advised on this deal, which is actually subject to the shareholders as well as the regulatory approval and it is expected to close down in the 3rd quarter. Barclays had advised the VCA.

VCA is the leader when it comes to pet health care and this opportunity will help the pet owners, veterinarians as well as the other pet providers, stated the CEO of Mars Mr. Grand Reid.

One of the sources stated that a new agreement has come into place where Mars will be acquiring all the outstanding shares from VCA for around $93 per share, or even a total value of close to $9.1 billion that includes $1.4 billion in total outstanding debt. This transaction price will represent a premium of nearly 41 percent on VCA’s 30 day weighted volume average price on the 6th of January 2017 and the premium of close to 30 percent on VCA’s closing price on the 6th of January 2017. This agreement is now approved unanimously by the boards of the directors of both of the companies.

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VCA now joins Mars Pet care, which is one of the globe’s leading providers of pet care. Pet care has actually been a really integral part of Mars in the past 80 years. The transaction reaffirms Mars’ commitment when it comes to the pet care industry and also the veterinary profession and once done will assist in driving Mars Pet Care’s intention of creating a better world for pets.

Mars Pet Care’s portfolio of veterinary services for businesses will include Banfield Pet Hospital, Pet Partners and Bluepearl. Along with VCA, these firms will give an unprecedented level of access to high quality veterinary care from prevention and wellness to that of primary care, specialty care and emergency. Mars Pet care is a well-known leader in pet nutrition with the global brands,which includes Pedigree, Whiskas, and Royal Canin. Mars also has an ever growing business in Pet DNA testing via Wisdom Panel and in the year 2015, it did acquire the pet technology provider named Whistle.

The Chief Executive Officer of Mars, Mr. Grant F Reid stated that his team is really thrilled to be welcoming VCA into Mars family and also to their portfolio of super brands and businesses across the globe. VCA, he stated is the leader across all the pet health care centers in the globe and it is an opportunity for Mars to work together with VCA to make things better for pets, pet owners and even the other pet care providers. He went on to add that his team has immense respect for VCA with whom they share a lot of common values and also a very strong commitment for pet care. He added that they will be able to add more value to people together; they can also offer better services in terms of quality when it comes to helping the pets and its owners.

Source: Businessinsider