Coles ends talks for reported $4 billion deal with pet company
Supermarket giant Coles has walked away from discussions with Australia’s largest pet company about a potential $4 billion acquisition.
Coles confirmed earlier this month was in discussions with TPG Capital about a potential buyout of Greencross Pet Wellness Company.
Coles has walked away from discussions with Australia’s largest pet company about a potential acquisition deal. Getty
The supermarket confirmed in a statement to shareholders this morning those talks have since ended.
Shares in Coles jumped by more than 4 per cent to $23.52 after the announcement.
“Coles applies a disciplined approach to acquisitions, and as one of Australia’s leading retailers, regularly assesses strategic opportunities that may complement its existing business,” a spokesperson said.
Greencross Pet Wellness Company owns 267 retail stores across Australia and New Zealand, including Petbarn and City Farmers.
Outside of retail, Greencross owns more than 140 vet clinics and 24 animal hospitals.
The pet care company also owns 132 grooming salons, 114 puppy schools, four crematorium facilities, 166 DIY dog washes, 15 mobile dog washes and a specialist pathology centre which services veterinary clinics nationally.
The Australian Financial Review reported earlier this month the supermarket giant approached TPG almost a year ago.
The newspaper reported that although the sale price was unclear, TPG was understood to be targeting about $4 billion, the valuation at which it was looking to float the company last year.
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