SEATTLE, Feb. 27, 2024 (GLOBE NEWSWIRE) — Rover Group, Inc. (“Rover” or the “Company”), the world’s largest online marketplace for pet care, today announced the completion of its acquisition by private equity funds affiliated with Blackstone (“Blackstone”) in an all -cash transaction worth about $2.3 billion.
The transaction was previously announced on November 29, 2023 and approved by Rover stockholders at a special meeting of Rover stockholders held on February 22, 2024. Upon completion of the acquisition, Rover stockholders will be entitled to receive $11.00 in cash for each share of Rover common stock they owned immediately prior to closing. Rover’s common stock has ceased trading and will be delisted from the Nasdaq Stock Market.
“The closing of this transaction is an important milestone in Rover’s history and marks the beginning of the next chapter in our story,” said Aaron Easterly, co-founder and CEO of Rover. “We are excited to officially partner with Blackstone to leverage their resources and deep expertise to advance our mission of making it possible for everyone to experience the unconditional love of a pet.”
Sachin Bavishi, Senior Managing Director at Blackstone said, “Aaron and the Rover team have done an incredible job building a leading digital marketplace for pet services. We are excited to begin this partnership , which brings Blackstone’s scale and resources to further accelerate Rover’s growth and innovation, and enhance Rover’s strong value proposition compared to alternatives.”
Advisors
Goldman Sachs & Co. LLC acted as lead financial advisor to Rover, and Centerview Partners LLC also acted as a financial advisor to Rover and delivered a fairness opinion to Rover’s Board of Directors regarding the proposed transaction. Wilson Sonsini Goodrich & Rosati, Professional Corporation acted as legal counsel to Rover.
Evercore acted as lead financial advisor and Moelis & Company LLC also acted as a financial advisor to Blackstone, and Kirkland & Ellis LLP acted as legal advisor to Blackstone.
About Rover Group, Inc.
Founded in 2011 and based in Seattle, Rover is the world’s largest online marketplace for pet care. Rover connects pet parents with pet providers who offer overnight services, including boarding and in-home pet sitting, as well as daytime services, including doggy daycare, walking dog, and drop-in visits. To learn more about Rover, please visit www.rover.com.
About Blackstone
Blackstone is the world’s largest alternative asset manager. We strive to deliver compelling returns for institutional and individual investors by strengthening the companies in which we invest. Our more than $1 trillion in assets under management include global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries and hedge funds. More information is available at www.blackstone.com. Follow @blackstone onLinkedIn,X (Twitter)andInstagram.
Forward-Looking Statements
This communication may contain forward-looking statements, which include all statements that do not relate solely to historical or current facts, such as statements regarding the effects of the Company’s merger with a private equity fund managed by Blackstone (the “Merger”), the Company’s delisting from the Nasdaq Stock Market, and other statements regarding the Company’s future expectations, intentions or strategies. In some cases, you can identify forward-looking statements by the following words: “may,” “could,” “could,” “could,” “should,” “expect,” “intend, ” “plan,” “expect,” “believe,” “estimate,” “forecast,” “project,” “intend,” “potential,” “continue,” “continue,” “aim,” “could,” ” seek,” “target” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. These statements are based on beliefs of the Company, as well as assumptions made by, and information currently available to, the Company. Because such statements are based on expectations of future financial and operating results and are not statements of fact, the actual results may differ materially from those anticipated and are subject to certain known and unknown risks and uncertainties, including, but not limited to: (i) the effect of the Merger on the Company’s business relationships; , operating and business results generally; (ii) risks that the Merger will disrupt the Company’s current plans and operations; (iii) the Company’s ability to retain and hire key personnel and maintain relationships with key business partners and customers, and others with whom it does business; (iv) risks related to the diversion of management’s or employee’s attention from the Company’s ongoing business operations; (v) the amount of costs, fees, charges or expenses resulting from the Merger; (vi) potential litigation related to the Merger; (vii) risks that the benefits of the Merger will not be realized when or as expected; (viii) continued availability of capital and funding and rating agency actions; and (ix) other risks described in the Company’s filings with the US Securities and Exchange Commission (the “SEC”), such as the risks and uncertainties described under the headings “Cautionary Note Regarding Forward- Looking Statements,” “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and other sections of the Company’s Annual Report on Form 10-K, the Company’s Quarterly Reports on Form 10 -Q, and in other Company filings with the SEC. While the list of risks and uncertainties presented herein is considered representative, no such list or discussion should be considered a complete statement of all potential risks and uncertainties. Factors not listed could cause significant additional obstacles to the realization of forward-looking statements. The consequences of material differences in results compared to expectations in the forward-looking statements may include, among other things, business interruption, operational problems, financial loss, legal liability to third parties and/or similar risks, any of which could have a material adverse effect on the Company’s consolidated financial condition. Forward-looking statements speak only as of the date on which they are made. Except as required by applicable law or regulation, the Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Information accessible through hyperlinks or website addresses included in this communication is deemed not to be included in or part of this communication.
Contacts
FOR ROVERS
Investors
Walter Ruddy
[email protected]
(206) 715-2369
Media
Kristin Sandberg
[email protected]
(360) 510-6365
FOR BLACKSTONE
Media
Matt Anderson
(518) 248-7310
[email protected]
Mariel Seidman-Price
(646) 482-3712
[email protected]
