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PetSmart is reportedly planning to go public and the pet care company may use a special purpose acquisition company (SPAC) merger to do so.
Source: Dmitry Demidovich/ShutterStock.comLet’s dive into that news below with all the details potential future Petsmart stockholders need to know.
- According to recent reports, PetSmart may undergo a $14 billion merger with SPAC KKR Acquisition Holdings I (NYSE:KAHC).
- This is an investment company that went public last March in a $1.2 billion IPO.
- The SPAC was created by KKR (NYSE:KKR) and Glenn Murphy, the chairman of Lululemon Athletica (NASDAQ:LULU).
- The details of the deal are still unclear and may not result in an actual merger between the two companies.
- It’s worth noting that a SPAC merger wouldn’t be the first time PetSmart has been publicly traded.
- The company’s stock was on the public market until it was taken private by private equity firm BC Partners in 2015.
- The firm spent $8.7 billion to take PetSmart shares of the public market.
News of a potential SPAC merger between PetSmart and KKR Acquisition Holdings I has investors taking interest in KAHC stock. As of this writing, more than 274,000 shares have changed hands. While that doesn’t seem like much, it’s close to the company’s daily average trading volume of 289,000 shares.
KAHC stock is up slightly as of Friday afternoon following a quick rally yesterday on the SPAC merger reports.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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