Rover agrees to $2.3bn go-private deal with Blackstone

Pet care company Rover Group said private equity firm Blackstone will take it private in a $2.3 billion all-cash deal.

The company’s shareholders will receive $11 per share at a premium of 29.4% from the last close price.

Blackstone approached Rover directly about a potential deal without the company being up for sale, people familiar with the matter said. Rover said that Blackstone had agreed to a 30-day “go-shop” period that allows Rover to consider superior offers from other interested parties.

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Blackstone has tried to stay clear of competitive sale processes by putting companies in play itself. It did so this year with software provider Cvent and eBay (EBAY.O), opens new tab-backed online classifieds group Adevinta.

Blackstone agreed to buy Rover without any debt commitments, but plans to add debt on the company down the line, the sources said.
Rover is an online marketplace where pet care providers offer services such as dog walking and in-home pet sitting. It went public via a special-purpose acquisition company in 2021.

Source: Reuters

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