Weather New York, NY +70°F


Apollo nearing deal to buy PetSmart for about $8 billion: Bloomberg

(Credit: Reuters) Apollo Global Management Chief Executive Leon Black said on Wednesday that a U.S. tax break that benefits private equity and venture capital executives could fall victim to deficit reduction efforts after President Barack Obama's re-election.Leon Black
December 13
9:01 PM 2014

Apollo Global Management (APO.N) is nearing a buyout of PetSmart Inc (PETM.O) for about $8 billion in what would be the largest leveraged deal for a U.S. company this year, Bloomberg reported on Saturday, citing unnamed sources.

"New York-based Apollo is in late-stage talks to buy PetSmart for about $8 billion following an auction process that has been under way for weeks, said one of the people, who asked not to be identified because the talks are confidential," Bloomberg said.

It said the pet-supplies retailer has a market value of $7.72 billion. A private-equity deal with Apollo would top Blackstone Group LP's (BX.N) $5.4 billion purchase of industrial-products maker Gates Global LLC in July, Bloomberg said.

© 2019 VCPOST, All rights reserved. Do not reproduce without permission.


Join the Conversation

Subscribe to VCpost newsletter

Sign up for our Deals of the Day newsletter.
We will not spam you!

Real Time Analytics