PetSmart announced it has entered into a definitive agreement to acquire Chewy, the online pet retailer. The acquisition accelerates the execution of PetSmart's strategy and is a critical milestone in its transformational journey to be the most convenient, best-in-class pet retailer. The combination of PetSmart and Chewy will enhance both companies' capabilities and reach, offering the widest selection of pet products and services available both in store and online in North America. The acquisition, which is subject to customary regulatory approvals, is expected to close by the end of PetSmart's second fiscal quarter of 2017.
Chewy is one of the leading online retailers of pet products and has seen extraordinary growth since it was founded by Ryan Cohen and Michael Day in 2011. Upon closing, Chewy will continue to be led by CEO Ryan Cohen and operate largely as an independent subsidiary of PetSmart.
Financial advisors to PetSmart on this transaction were Citi and Barclays, with Simpson Thacher & Bartlett LLP acting as its legal advisor.
