© Reuters.
SEATTLE – Rover Group, Inc., a leading online marketplace for pet care services, has been acquired by private equity funds managed by Blackstone (NYSE:) in a deal valued at approximately $2.3 billion .
The acquisition, which was finalized after approval from Rover’s stockholders on February 22, 2024, results in Rover’s common stock ceasing to trade and being delisted from the Nasdaq Stock Market.
Rover stockholders are scheduled to receive $11.00 in cash per share of common stock held prior to the closing of the acquisition. This marks a significant event in Rover’s history as it begins a new chapter under Blackstone’s ownership.
Aaron Easterly, co-founder and CEO of Rover, expressed enthusiasm about using Blackstone’s resources and expertise to further Rover’s mission to enable everyone to experience the unconditional love of a pet.
Blackstone, the world’s largest alternative asset manager with more than $1 trillion in assets under management, sees the partnership as an opportunity to accelerate Rover’s growth and innovation. Sachin Bavishi, Senior Managing Director at Blackstone, praised Rover’s establishment of a leading digital marketplace for pet services and hopes to enhance the company’s value proposition.
Financial advisors for the transaction include Goldman Sachs & Co (NYSE:). LLC and Centerview Partners LLC for Rover, with Wilson Sonsini Goodrich & Rosati, Professional Corporation providing legal counsel. Blackstone was advised by Evercore and Moelis (NYSE:) & Company LLC, with legal counsel from Kirkland & Ellis LLP.
Rover, founded in 2011 and headquartered in Seattle, connects pet owners with providers of a variety of pet care services, including overnight boarding, in-home pet sitting, doggy daycare, dog walking, and drop-in visits.
The acquisition of Blackstone is expected to bring additional scale and resources to Rover, although the company cautioned that forward-looking statements about the impact of the merger involve risks and uncertainties.
This transaction could have implications for the pet care industry, where Rover is poised to potentially expand its services and market reach backed by Blackstone’s significant resources. Information about this acquisition is based on a press release from Rover Group, Inc.
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