Covetrus Will Own 50.01% of Joint Venture>CVET


2020/01/15 05:10  道琼斯

Press Release: Covetrus Enters Into Definitive Agreement to Divest scil animal care to Heska

Covetrus Enters Into Definitive Agreement to Divest scil animal care to Heska

PORTLAND, Maine--(BUSINESS WIRE)--January 14, 2020--

Covetrus (NASDAQ: CVET), a global leader in animal-health technology and services, today announced 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.

The transaction is expected to close in the next 60 to 90 days, subject to customary closing conditions. Covetrus expects that net cash proceeds from the transaction, after taxes and deal-related fees, will help to reduce its net debt and to improve its leverage position. The proceeds may also be used for other general corporate purposes.

"While we are still in the early stages of executing on our strategy, this transaction is an important initial step in that process," said Ben Wolin, Covetrus acting president and chief executive officer.

The definitive agreement also includes a commercial relationship between Covetrus and Heska tied to ongoing logistics support for Heska's family of diagnostic products as well as connectivity between the Covetrus Global Technology Solutions practice information management software systems ("PIMS") and Heska's laboratory and imaging solutions.

Stifel acted as the exclusive financial advisor to Covetrus for this transaction.

Separately, Covetrus announced today 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. The transaction is expected to close in approximately 90 days, subject to satisfaction of customary closing conditions including regulatory clearance. Financial terms were not disclosed.

About Covetrus

Covetrus is a global animal-health technology and services company dedicated to empowering veterinary practice partners to drive improved health and financial outcomes. We're bringing together products, services, and technology into a single platform that connects our customers to the solutions and insights they need to work best. Our passion for the well-being of animals and those who care for them drives us to advance the world of veterinary medicine. Covetrus is headquartered in Portland, Maine, with more than 5,500 employees, serving over 100,000 customers around the globe. Learn more at

Forward-Looking Statements

This press release contains certain statements that are forward-looking within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and that involve risks and uncertainties, including statements about the timing for closing the transactions described herein, our expectations regarding the use of proceeds from the transaction, the benefits of the transactions, our execution on our strategy and the steps we have taken in pursuit of our goals. We may, in some cases use terms such as "predicts," "believes," "potential," "continue," "anticipates," "estimates," "expects," "plans," "intends," "may," "could, " "might," "likely," "will," "should" or other words that convey uncertainty of the future events or outcomes to identify these forward-looking statements. Such statements are subject to numerous risks and uncertainties, including but not limited to, our ability to close the transactions; the impact of the transactions on our financial position and our customers; risks associated with our management transition; the ability to successfully integrate operations and employees; the ability to realize anticipated benefits and synergies of the transactions that created Covetrus; the potential impact of the consummation of the transactions on relationships, including with employees, customers and competitors; the ability to retain key personnel; the ability to achieve performance targets; changes in financial markets, interest rates and foreign currency exchange rates; changes in our market; the impact of litigation; the impact of Brexit; and those additional risks and factors discussed, including those discussed under the heading "Risk Factors" in our Annual Report on Form 10-K filed on March 29, 2019 and Quarterly Report on Form 10-Q filed for the quarter ended September 30, 2019, and in our other SEC filings. Our forward-looking statements are based on current beliefs and expectations of our management team and, except as required by law, we undertake no obligations to make any revisions to the forward-looking statements contained in this release or to update them to reflect events or circumstances occurring after the date of this release, whether as a result of new information, future developments or otherwise. Investors are cautioned not to place undue reliance on these forward-looking statements.

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CONTACT: Nicholas Jansen | Investor Relations | (207) 550-8106

Kiní Schoop | Public Relations | (207) 550-8018

(END) Dow Jones Newswires

January 14, 2020 16:09 ET (21:09 GMT)

*DJ Covetrus to Combine Spain and Portugal Ops With Distrivet, Forming Joint Venture

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January 14, 2020 16:10 ET (21:10 GMT)

*DJ Covetrus Will Own 50.01% of Joint Venture>CVET

(MORE TO FOLLOW) Dow Jones Newswires (212-416-2800)

January 14, 2020 16:10 ET (21:10 GMT)

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Covetrus代理总裁兼首席执行官本·沃林(Ben Wolin)表示:“虽然我们仍处于战略实施的早期阶段,但这笔交易是这一过程中的一个重要的初步步骤。”







本新闻稿载有经修正的1933年“证券法”第27A条和经修正的1934年“证券交易法”第21E节所指的某些前瞻性陈述,涉及风险和不确定性,包括关于本报告所述交易的结束时间、我们对交易收益的使用的期望、交易的好处、我们战略的执行以及为实现我们的目标而采取的步骤。在某些情况下,我们可能使用“预测”、“相信”、“潜力”、“继续”、“预期”、“计划”、“打算”、“可能”、“将”、“应该”或其他表达未来事件或结果的不确定性的词语,以确定这些前瞻性陈述。这些报表受到许多风险和不确定因素的影响,包括但不限于我们结束交易的能力;交易对我们的财务状况和客户的影响;与我们的管理过渡有关的风险;成功整合业务和雇员的能力;实现产生Covetrus的交易的预期利益和协同作用的能力;完成交易对包括与雇员、客户和竞争对手在内的关系的潜在影响;留住关键人员的能力;实现业绩目标的能力;金融市场、利率和外汇汇率的变化;市场变化;诉讼的影响;英国退欧的影响;以及所讨论的额外风险和因素,包括我们于2019年3月29日提交的关于表10-K的年度报告中在“风险因素”项下讨论的风险和因素,以及2019年9月30日终了的季度提交的关于表10-Q的季度报告。, 在我们其他证交会的文件里。我们的前瞻性陈述是基于我们管理团队目前的信念和期望,并且,除法律要求外,我们没有义务对本新闻稿中包含的前瞻性声明进行任何修改,或更新这些声明以反映本新闻稿发布日期之后发生的事件或情况,无论是由于新的信息、未来的发展还是其他原因。投资者被告诫不要过分依赖这些前瞻性的声明。


联系人:尼古拉斯·詹森(Nicholas Jansen)




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