Coles is set to buy Australia’s biggest pet care company in a deal worth nearly $4billion.
The supermarket giant is closing in on a deal to snap up Greencross Pet Wellness Company, the owner of Petbarn, City Farmers and Greencross Vets.
It has 267 retail stores, 160 vet clinics and 24 animal hospitals.
‘As one of Australia’s leading retailers, with a strong balance sheet and debt capacity, Coles regularly assesses strategic opportunities that may complement its existing business and create value for shareholders,’ a Coles spokesman said.
‘Coles will only pursue an acquisition where it is satisfied that the transaction is strategically compelling and capable of delivering attractive shareholder returns.
‘Discussions remain incomplete and there is no certainty that a transaction will proceed.’
The deal was first flagged almost a year ago when Coles approached Greencross owner TPG, according to The Australian Financial Review, with TPG understood to be seeking about $4 billion.
If it goes ahead, it would be the first big move for the supermarket group outside the grocery and liquor sector and chief executive Leah Weckert’s first major coup with the business.
Coles is set to buy Australia’s biggest pet care company in a deal worth nearly $4billion (stock image)
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