PetSmart Acquired By BC Partners For $8.7 Billion

(RTTNews) - PetSmart has been acquired by a consortium led by BC Partners, Inc. at a price of $83.00 per share in cash, or $8.7 billion. The buyout price represents a 39 percent premium to PetSmart's closing price of $59.81 on July 2.

PetSmart said in August that it would explore strategic alternatives, including a possible sale, bowing to pressure from activist investor Jana Partners LLC and other shareholders that the company sells itself.

The BC Partners group, which included La Caisse de dépôt et placement du Québec and StepStone, apparently outbid Apollo Global Management LLC.

New York-based Apollo was reportedly in late-stage discussions to buy PetSmart for about $8 billion.