Supermarket giant Coles has abandoned talks with Australia’s largest pet company over a potential $4 billion acquisition.
Coles confirmed it was in talks with TPG Capital earlier this month about a potential buyout of Greencross Pet Wellness.
Coles has pulled out of talks with Australia’s largest pet company over a potential acquisition deal. Getty
The supermarket confirmed in a statement to shareholders this morning that negotiations had concluded.
Following the announcement, Coles shares jumped more than 4 percent to $23.52.
“Coles takes a disciplined approach to acquisitions and, as one of Australia’s leading retailers, regularly evaluates strategic opportunities that can complement its existing business,” the spokesman said.
Greencross Pet Wellness operates 267 retail stores in Australia and New Zealand, including Petbarn and City Farmers.
In addition to retail operations, Greencross operates more than 140 veterinary clinics and 24 animal hospitals.
The pet care company also operates 132 grooming salons, 114 puppy schools, four crematoria, 166 home dog washes, 15 mobile dog washes and a specialty pathology center that serves veterinary clinics nationwide.
Australian Financial Review Earlier this month it was reported that the supermarket giant approached TPG almost a year ago.
The newspaper reported that while the sale price was unclear, TPG was believed to be targeting around $4 billion, the valuation at which it had expected to list the company last year.