LOVELAND — Heska Corp. (Nasdaq: HSKA) is acquiring the European veterinary diagnostics arm of Covetrus Inc. (Nasdaq: CVET), fresh off the heels of an acquisition in Spain last week.
The Loveland veterinary company will pay $125 million in cash for Covetrus’ interest in scil animal care company GmbH, an animal medical device maker and distributor with offices in Germany, France, Italy, Spain, Canada, Malaysia, the United Kingdom and the Netherlands, according to a statement Tuesday afternoon. Scil also distributes its products to 25 countries across Europe and Asia.
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The deal is set to close within the next 60 to 90 days.
In a prepared statement, Heska CEO Kevin Wilson said the deal will make Heska one of the largest veterinary suppliers in Europe and fits into a larger effort to expand sales across the globe.
“We begin January a much stronger #3 (in market share) in North America and a solid #1 or #2 in key European markets, with footholds and assets in place to drive more deeply and more broadly everywhere,” he said.
Heska previously announced the purchase of two other veterinary diagnostic companies in Spain last week for an undisclosed sum.
The company’s stock was temporarily halted from trading Tuesday in anticipation of the news. Heska executives are slated to present to investors next week at the J.P. Morgan 2019 Healthcare Conference.
LOVELAND — Heska Corp. (Nasdaq: HSKA) is acquiring the European veterinary diagnostics arm of Covetrus Inc. (Nasdaq: CVET), fresh off the heels of an acquisition in Spain last week.
The Loveland veterinary company will pay $125 million in cash for Covetrus’ interest in scil animal care company GmbH, an animal medical device maker and distributor with offices in Germany, France, Italy, Spain, Canada, Malaysia, the United Kingdom and the Netherlands, according to a statement Tuesday afternoon. Scil also distributes its products to 25 countries across Europe and Asia.
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The deal is set to close within the next 60 to 90 days.
In a prepared statement, Heska CEO Kevin Wilson said the deal will make Heska one of the largest veterinary suppliers in Europe and fits into a larger effort to expand sales across the globe.
“We begin January a much stronger #3 (in market share) in North America and a solid #1 or #2 in key European markets, with footholds and assets in place to drive more deeply and more broadly everywhere,” he said.
Heska previously announced the purchase of two other veterinary diagnostic companies in Spain last week for an undisclosed sum.
The company’s stock was temporarily halted from trading Tuesday in anticipation of the news. Heska executives are slated to present to investors next week at the J.P. Morgan 2019 Healthcare Conference.
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