Petco sold for $4.6 billion

Petco is changing hands, again. The current private equity owners of the chain of pet supply stores have reached a deal to sell the company to CVC Capital Partners and the Canadian Pension Plan Investment Board.

Petco was taken private in 2006 in a $1.8 billion deal, and has been owned by TPG Capital and Leonard Green & Partners ever since.

The retailer was considering an initial public offering as recently as August, 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.

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

For more:
-See this article in The San Diego Union Tribune

Related stories:
Petco close to $4.7B deal
PetSmart posts higher earnings on strong services sales
Petco launches one-hour delivery
Petco expands delivery to 14 cities
PetSmart agress to $8.7B sale

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