Covetrus (NASDAQ: CVET), a global leader in animal-health technology and services, announced Tuesday that it has entered into a definitive agreement to sell its scil animal care business (“scil”) to Heska Corporation (“Heska”) (NASDAQ: HSKA) for a purchase price of $125 million in cash, subject to customary closing adjustments. Separately, Covetrus announced an agreement to combine the company’s Spain and Portugal businesses with Distrivet, the leading provider of veterinary products and services in Spain. This new joint venture brings together two highly complementary businesses in the attractive Spanish market. Covetrus will own 50.01% of Distrivet, a Covetrus company, and the joint venture will be treated as an investment under the equity method of accounting.
Read the full article: Covetrus Enters into Definitive Agreement to Divest scil animal care to Heska //