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PetSmart agrees to be sold for $8.7 billion

PetSmart

PetSmartRuss Wiles, The Republic | azcentral.com

PetSmart Inc., Arizona’s iconic pet-supplies retailer and one of the state’s largest employers, has agreed to be sold for $8.7 billion.

The Phoenix-basePetSmartd company, feeling pressure in the increasingly competitive market for pet food and services, had been reviewing its options for the past several months. The purchase by a new ownership group could chart a different direction for a retailer that counts thousands of Arizona employees and tens of thousands of customers.

Its board agreed unanimously to a purchase by a consortium led by London-based BC Partners in what could be the largest private-equity deal of the year.

The investor group agreed to pay $83 a share, according to PetSmart’s statement released Sunday. That’s a premium of about 7 percent over Friday’s closing price of $77.67.

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