Petco Agrees To Buyout Remaining Stake In JV With Thrive Pet Healthcare

Petco Health And Wellness Co Inc WOOF has agreed to acquire Thrive Pet Healthcare's 50% stake in the parties' pet hospital joint venture. The financial details were not disclosed.
The joint venture was formed in May 2017 and currently operates nearly 100 full-service veterinary hospitals in Petco pet care centers across 14 U.S. states under the Thrive brand.
As part of the transaction, Petco will transition the nearly 100 Thrive locations to its Vetco Total Care hospital branding and offer over 800 veterinary care professionals the opportunity to join its network.
The company expects the transaction to close in the second quarter of 2022.
Price Action: WOOF shares closed lower by 0.72% at $18.02 on Thursday.

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