Financials Company Blackstone Announces Acquisition of Rover Group

Blackstone BX has announced an acquisition of Rover Group ROVR that is expected to be completed in Q1 of 2024.

Under the terms of the agreement, Blackstone has agreed to give Rover Group $2.30 billion in cash in exchange for ROVR stock.

About The Companies Involved

Blackstone is the world's largest alternative asset managers with $1.001 trillion in total asset under management, including $731.

Rover Group Inc is an online marketplace for pet care based on gross booking value. The company connects pet parents with pet care providers who offer overnight services, including boarding and in-home pet sitting, as well as daytime services, including doggy daycare, dog walking, and drop-in visits.

How An Acquisition Works

An acquisition is when one company, called the acquiring company, buys most or all of another company's, or target company's, shares to gain ownership. Buying more than 50% of a company's stock allows the the acquirer to make decisions without the approval of the company's shareholders.

An acquisition can potentially lead to a merger with the parent company, which makes it similar to a merger. This is why the two terms are commonly grouped together as mergers and acquisitions (M&A). However, in a merger, the leadership & operations of both companies usually change dramatically, while during an acquisition this is less likely to happen.

Make sure to follow our mergers & acquisitions calendar to stay-up-to-date on the most recent M&A deals.

This article was generated by Benzinga's automated content engine and reviewed by an editor.