PetSmart to buy Chewy Inc
PetSmart Inc said April 18 that it has agreed to buy Chewy Inc, an online pet retailer. Financial terms weren’t announced but Recode valued the deal at $3.35 billion. PetSmart was purchased in March 2015 by a consortium led by BC Partners and including La Caisse de dépôt et placement du Québec, StepStone and Longview Asset Management. Chewy, of Dania Beach, Florida, is backed by Volition Capital. Citi and Barclays provided financial advice to PetSmart, while Simpson Thacher & Bartlett LLP acted as its legal advisor. Citigroup Global Markets Inc and Barclays provided committed financing for the acquisition. Equity financing is being provided by PetSmart’s existing shareholders. Financial advisor to Chewy on this transaction was Allen & Company, with Weil, Gotshal & Manges LLP acting as its legal advisor.
