Covetrus Completes Sale of scil animal care to Heska
Covetrus, Inc. (CVET)
Last covetrus, inc. earnings: 3/3 04:05 pm
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Source: Business Wire
PORTLAND, Maine--(BUSINESS WIRE)--Covetrus® (NASDAQ: CVET), a global leader in animal-health technology and services, today announced that it has completed the sale of its scil animal care business (“scil”) to Heska Corporation (“Heska”) (NASDAQ: HSKA).The transaction closed under an amended purchase agreement which reduced the total consideration paid to Covetrus from $125 million to $110 million. In conjunction with the price adjustment, an approximate $10 million escrow fund that was to be funded by Heska and used as collateral for a period of up to 18 months for any potential claims tied to the transaction was eliminated.Covetrus plans to use the net proceeds received today, after closing adjustments and paying transaction-related fees and taxes, to help reduce the company’s net debt position and for other general corporate purposes.“The scil business is in great hands with a high-quality partner in Heska and we are appreciative of their commitment to the business and the scil
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