Mars. Inc. is beefing up its fast-growing pet care division with a deal to acquire the Colorado-based veterinary care firm Heska Corp.
The privately held McLean company said Monday that it is buying Heska (NASDAQ: HSKA) for about $120 per share, or about $1.3 billion, based on the 10.87 million shares outstanding of Heska stock, per its latest proxy filing.
The deal, expected to close in the second half of this year, is one of the first big moves for the company under CEO Poul Weihrauch, formerly global president of Mars Petcare, who replaced longtime Mars CEO Grant Reid in September.
Heska, founded in 1988, sells, makes, markets and supports diagnostic and specialty solutions for the veterinary industry.
The deal positions Mars Petcare’s Science & Diagnostics division to expand its range of diagnostic offerings, according to Monday’s announcement. Nefertiti Greene, president of that division, said in a statement the two companies have a shared belief that diagnostic innovation…
Read the full story from the Washington Business Journal.
