VetPartners to acquire National Veterinary Care for $168.5m
VetPartners Australia and New Zealand, a veterinary clinic chain operator, has signed a deal worth AUD 248.4 million ($168.56 million) to acquire National Veterinary Care (NVC), an Australian veterinary services company.
As per the terms of the deal, VetPartners, which is owned by Australian Veterinary Owner’s League, has offered to buy 100% of National Veterinary Care for AUD 3.70 for each share.
The board of National Veterinary Care has unanimously supported the deal, reported Reuters.
VetPartners Australia and New Zealand on facebook said: “We are excited to announce that VetPartners has agreed to come together with National Veterinary Care (NVC) (which includes clinics, UVG membership group and a network of training centers) with VetPartners acquiring 100% of the shares in NVC by way of a scheme of arrangement.
“Our combined strength will create meaningful opportunities for our teams in the form of career pathways, learning and development and sharing best practices.”
VetPartners to acquire National Veterinary Care for $168.5m. Photo courtesy of Arvydas Lakacauskas from Pixabay.
VetPartners Australia and New Zealand is the owner and operator of 140 plus veterinary clinics across Australia, New Zealand, and Singapore.
Susan Forrester – National Veterinary Care chair has been quoted by Reuters as: “VetPartners’ proposal represents a significant premium to National Veterinary Care’s current share price, is 100% cash consideration and offers National Veterinary Care shareholders a high degree of certainty.”
The acquisition, which will be carried out through a scheme of arrangement to be implemented in April 2020, will be subject to approval from the Australian Foreign Investment Review Board.