(Alliance News) - Pets at Home Group PLC said on Tuesday it has sold its five specialist referral practices for up to GBP100 million in cash to Linnaeus Group, a subsidiary of UK-based Mars Veterinary Health.
The Specialist Group comprises the assets and operations of Dick White Referrals in Cambridgeshire, Anderson Moores in Hampshire, both Northwest Veterinary Specialists and Eye Vet in Cheshire, and Veterinary Specialists Scotland in Livingston, Scotland.
The London-listed pet products and services provider said it will receive GBP80 million on completion and deferred cash consideration of GBP20 million, contingent on achieving financial milestones. The sale is expected to complete in the first quarter of 2021, subject to customary conditions and approvals.
"Pets at Home's strategy as the UK's leading pet care business is unchanged, with this disposal being part of the continuing focus of group resources on customer-facing activities across our omnichannel retailing and First Opinion veterinary operations," Pets at Home said.
Shares in Pets at Home were down 1.3% at 414.13 pence in London on Tuesday.
By Zoe Wickens; zoewickens@alliancenews.com
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