Patterson Companies (PDCO) stock surged 35.66% in pre-market trading on Wednesday after the dental and animal health products distributor announced that it has agreed to be acquired by Patient Square Capital, a dedicated healthcare investment firm, in an all-cash deal valued at approximately $4.1 billion.

Under the terms of the agreement, Patterson shareholders will receive $31.35 in cash per share, representing a premium of around 49% to the company's 30-calendar day volume-weighted average price (VWAP) ending December 4, 2024, the last trading day before Patterson announced the evaluation of strategic alternatives.

The transaction, which has been unanimously approved by Patterson's Board of Directors, is expected to close in the fourth quarter of Patterson's fiscal 2025, subject to shareholder approval, regulatory approvals, and other customary closing conditions. Upon completion, Patterson will become a privately-held company, and its common stock will no longer be traded on the NASDAQ Global Select Market.