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December 15, 2014

The transaction was unanimously approved by the PetSmart Board and is subject to shareholder and regulatory approval and other customary closing conditions.

BC Partners said the consortium has received fully committed debt financing in connection with the transaction. The transaction is expected to close in the first half of 2015.

Under the deal, BC consortium will acquire PetSmart for $83 per share in cash, representing a premium of approximately 39 percent over PetSmart’s unaffected closing share price on July 2, 2014.

The consortium includes funds advised by BC Partners alongside several of its limited partners, including La Caisse de dpt et placement du Qubec and StepStone.

Longview Asset Management, which owns or manages approximately 9 percent of PetSmart’s outstanding shares said it has committed to vote in favor of the transaction. Longview will participate in the consortium only with respect to approximately one-third of its holdings, with the balance of its holdings receiving the same dollar amount per share cash transaction consideration as PetSmart’s public shareholders will receive.

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