Greencross to acquire Mammoth Pet Holdings
Brisbane-based consolidator Greencross announced its plan to acquire Mammoth Pet Holdings for USD330 million. The proposed deal will double the size of the company, according to a report published by Business Spectator today.
Mammoth Pet Holdings is a private company that owns several pet retail chains in Australia. The company also owns pet store Animates in New Zealand, the report said.
At present, Greencross is the biggest owner of veterinary facilities in Australia. In order to purchase the pet retail chain, Greencross said it will issue more than 52 million of its shares to the owners of Mammoth. These owners include Greencross director Jeff David and managing director Glen Richards, said the report.
The said deal comes after Greencross completed a series of acquisitions of vet practices and a pet cemetery. The transaction is subject to approval of half of the Greencross holders. The company expects the deal to have a positive effect in its share earnings, Business Spectator reported.