Patterson Companies acquires stock of National Veterinary Services for GBP87.5 million
Patterson Companies, Inc. announced that it would be acquiring stocks of National Veterinary Services (NVS). The stock acquisition would be worth GBP87.5 million or about US$135 million in cash.
The stock purchase was under the terms of a definitive agreement between Patterson Companies and Dechra Pharmaceuticals PLC, which owns NVS. Under the agreement, Patterson Companies would be acquiring all of the outstanding shares of NVS, pending approval of Dechra shareholders.
The transaction was in line with Patterson Companies' strategic vision for Patterson Veterinary, its veterinary business.
"This agreement reflects our commitment to Patterson Veterinary's strategic direction. Through this acquisition, we are able to expand Patterson Veterinary internationally, providing our industry-leading service to a new market," said Patterson Companies CEO and chairman Scott P. Anderson. "Over the past several years, we have seen the strength of Patterson's platform and global network continue to grow. With this acquisition, we will further extend our footprint and increase shareholder value," Anderson added.