Patient Capital to buy Patterson Companies in $4.1bn deal
Patterson Companies Inc.
n/a
16:30 10/12/24
Patterson Companies surged on Wednesday as the dental and animal health distributor agreed to be bought by healthcare investment firm Patient Square Capital in a $4.1bn deal.
Under the terms of the agreement, Patterson shareholders will receive $31.35 per share in cash.
Patterson president and chief executive Don Zurbay said: "Today’s announcement marks an exciting next step in Patterson’s evolution and delivers immediate and certain value for our shareholders and positions us to continue to invest in serving our customers and driving growth.
"This transaction follows a review of strategic alternatives by our board of directors, with assistance from our independent advisors, maximising our value and enabling Patterson to continue to execute our strategy well into the future.
"Patient Square recognises the value of our brand and the quality of our world-class team, and is grounded in similar values that guide our actions. They share the same long-term vision for our company, which makes them an excellent partner for the next phase of our journey."
The deal is expected to close in the fourth quarter of Patterson’s fiscal 2025.
At 1440 GMT, Patterson shares were up 35% at $31.22.