Covetrus Will Own 50.01% of Joint Venture>CVET

Covetrus将拥有合资企业50.01%的股份

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 covetrus.com.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200114005828/en/



CONTACT: Nicholas Jansen | Investor Relations

nicholas.jansen@covetrus.com | (207) 550-8106

Kiní Schoop | Public Relations

kini.schoop@covetrus.com | (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



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

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)

Copyright (c) 2020 Dow Jones & Company, Inc.

新闻稿:Covetrus加入最终协议,将模具动物保护剥离给Heska

Covetrus与赫斯卡达成最终协议,将模具动物保护剥离给赫斯卡


缅因州波特兰-(商业电报)-2020年1月14日

全球动物卫生技术和服务领先企业Covetrus(纳斯达克市场代码:CVeT)今天宣布,它已达成一项最终协议,将其模具动物护理业务(“模具”)出售给Heska公司(“Heska”)(纳斯达克市场代码:HSKA),收购价为1.25亿美元现金,但须按惯例进行结算调整。

预计交易将在今后60至90天内完成,但须符合惯例的结束条件。Covetrus预计,扣除税金和交易相关费用后,这笔交易的净现金收益将有助于减少净债务,并改善其杠杆状况。收益还可用于其他一般公司用途。

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。”

最终协议还包括Covetrus和Heska之间的商业关系,这一关系涉及对Heska系列诊断产品的持续后勤支持,以及Covetrus全球技术解决方案实践信息管理软件系统(“PIMS”)与Heska实验室和成像解决方案之间的连接。

在这项交易中,Stifel是Covetrus的独家财务顾问。

另外,Covetrus今天宣布了一项协议,将该公司在西班牙和葡萄牙的业务与西班牙领先的兽医产品和服务供应商德雷维公司合并。这家新的合资公司在吸引人的西班牙市场上汇集了两家互补性很强的企业。Covetrus将拥有Covetrus公司德雷维50.01%的股份,该合资企业将被视为股权会计方法下的一项投资。预计交易将在大约90天内完成,但须符合包括监管许可在内的惯例结清条件。财务条款未予披露。

关于Covetrus

Covetrus是一家全球动物卫生技术和服务公司,致力于授权兽医实践伙伴推动改善健康和财务结果。我们正在将产品、服务和技术整合到一个单一的平台中,将我们的客户与他们所需要的解决方案和见解联系起来,使他们能够最佳地工作。我们对动物福利的热情,以及那些关心动物的人,推动着我们推进兽医学的世界。Covetrus公司总部设在缅因州波特兰,拥有5500多名员工,为全球10万多名客户提供服务。欲了解更多信息,请访问covetrus.com。

前瞻性陈述

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。

查看businesswire.com上的源代码版本:https://www.businesswire.com/news/home/20200114005828/en/



联系人:尼古拉斯·詹森(Nicholas Jansen)

nicholas.jansen@covetrus.com(207)550-8106

KiníSchoop公共关系

kini.choop@covetrus.com(207)550-8018




(完)道琼斯通讯社

2020年01月14日16:09(格林尼治时间21:09)

*DJ Covetrus将西班牙和葡萄牙业务与德鲁维特合并,组建合资企业



道琼斯通讯社(212-416-2800)

2020年1月14日16:10(格林尼治时间21:10)

*DJ Covetrus将持有合资企业50.01%的股份



道琼斯通讯社(212-416-2800)

2020年1月14日16:10(格林尼治时间21:10)

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