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Petbarn inks $330m deal

 

424215_10150540356511706_2029462088_nVet owner, Greencross, is merging with retailer Petbarn in a deal worth more than $330 million to create one of Australia’s largest pet care companies.

Greencross said the deal will create Australia’s largest customer facing pet care company, with 124 stores and 100 vet clinics across Australia and New Zealand.

Greencross plans to link its veterinary clinics with Petbarn stores to cut costs and boost revenues.

The merged company expects to generate earnings of more than $50 million.

As part of the deal, Greencross will issue 52.5 million shares to the owners of Petbarn’s parent company Mammoth.

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