Petco close to $4.7B deal

Petco is close to being acquired by two private equity firms in a deal that is valued around $4.7 billion.

Private equity firm CVC Capital Partners and Canada Pension Plan Investment Board are the interested parties. The value of the San Diego-based pet product chain is roughly $4.7 billion, including debt.

The deal could be announced late Monday, according to sources close to matter.

This wouldn't be Petco's first time as an acquisition although the company has been bought and sold by TPG Capital and Leonard Green & Partners, twice. TPG and Leonard Green have not issued a statement.

Petco filed for an initial public offering earlier this year and explored a sale to rival PetSmart. The proposed deal fell apart due to a disagreement about which stores to divest to meet the requirements of federal regulators.

PetSmart was taken private a year ago in an $8.7 billion buyout from a consortium led by BC Partners.

For more:
-Read the story on the PE Hub Network
-See this article in The New York Times

Related stories:
PetSmart agrees to $8.7B sale
PetSmart posts higher earnings on strong services sales
Petco launches one-hour delivery
Petco expands delivery to 14 cities
Petco partners with Instacart for one-hour delivery

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