An update on the bidding war for Zooplus
EQT has taken the upper hand over H&F with a bid of €3.36 billion ($3.94b). Zooplus has welcomed the bid and they’ve entered into an investment agreement.
For the deal to pass, more than 50% of Zooplus shareholders need to approve it, after which the deal will be subject to other regulatory considerations.
The bidding war
KKR & Co, the first company announced by Bloomberg to be in talks with Zooplus, pulled out of the bidding war after H&F upped its bid by 18% to €460 per share. EQT’s current bid is €470 per share.
The current bid is a 69% premium compared to the stock price before any news of a takeover affected it (on August 12th).
EQT
The goal of having EQT on board is to expand zooplus’ position as a leading online platform in the European pet market. With EQT’s vast experience in the pet care sector, zooplus will be able to expand its value proposition for clients, create a best-in-class logistics and fulfilment infrastructure, offer new product and service innovations, and more.
EQT is also a shareholder in veterinary group IVC Evidensia, retailer Musti Group and pet insurance provider Bought By Many.
Johannes Reichel, Partner and Head of EQT Private Equity’s Advisory Team in Germany, said, “EQT has monitored zooplus’ development for a long time, and we are impressed by its stellar customer base and the market leading positions in many markets, complemented by a strong offering. We have a long history in the pet care sector and can also offer zooplus unique experience and know-how of technology and platform development. In line with EQT’s ‘local-with-locals’ approach, we are poised to team up with zooplus’ Munich-based management and all employees to take the Company to the next level, while offering European pets and their owners the best possible products.”