Patterson Cos. to Be Acquired by Patient Square Capital for $4.1 Billion -- Barrons.com

Dow Jones

11 Dec 2024

By Mackenzie Tatananni

Patterson Cos. announced Wednesday that it would be acquired by private-equity firm Patient Square Capital in a $4.1 billion deal.

Patterson, a distributor specializing in equipment for the animal health and dental markets, went up for sale after posting mixed earnings for its second fiscal quarter ended Oct. 26. President and Chief Executive Don Zurbay acknowledged the "challenging end market environment" in a news release last week.

Under the terms of the deal, shareholders will receive $31.35 in cash per share, representing a 49% premium to the company's 30-day volume-weighted average price ended Dec. 4.

The agreement includes a 40-day "go-shop" period allowing Patterson to seek other acquisition proposals. The deal is expected to close in the fourth quarter of fiscal 2025, after which Patterson will become private and delist from the Nasdaq.

Shares of the healthcare distributor closed up 0.5% to $23.11 on Tuesday.

Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

December 11, 2024 07:32 ET (12:32 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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