Deals
CVC, Canada Pension Plan to Buy Petco for About $4.6 Billion
- Firms beat joint KKR and Hellman offer, as well as Apollo bid
- Owners TPG, Leonard Green said to score a 350 percent profit
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CVC Capital Partners and the Canadian Pension Plan Investment Board agreed to buy Petco Animal Supplies Inc. in a deal worth about $4.6 billion.
The firms will acquire Petco from TPG Capital and Leonard Green & Partners in a transaction likely to close early next year, according to a statement Monday. They beat a joint offer from buyout firms KKR & Co. and Hellman & Friedman, as well as a bid by Apollo Global Management, according to people familiar with the matter, who asked not to be identified because the information is private.