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Antitrust Concerns Slow PetSmart-Petco Merger Talks


October 20, 2015

PetSmart Inc.’s talks regarding the acquisition of Petco Holdings Inc. have stalled because of concerns about the potential repercussions if U.S. antitrust authorities do not approve the deal.

Though the companies are still interested in reaching an agreement, Petco refused a proposal to compensate PetSmart if the Federal Trade Commission requires store closures for the deal to be approved.

Petco has also asked private equity firms, including Apollo Global Management LLC, Hellman & Friedman LLC, CVC Capital Ltd and KKR & Co LP, to submit acquisition offers in the coming weeks.

TPG Capital LP and Leonard Green & Partners LP, Petco’s private equity owners, hope to sell the company for at least $5 billion, including debt.

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