SEATTLE, Feb. 27, 2024 (GLOBE NEWSWIRE) — Rover Group, Inc., the world’s largest online marketplace for pet care, today announced the completion of its acquisition by private equity funds affiliated with Blackstone in an all-cash transaction valued at approximately $2.3 billion.
The transaction was previously announced on November 29, 2023 and was approved by Rover stockholders at Rover’s special meeting of stockholders held on February 22, 2024. With the completion of the acquisition, Rover stockholders are entitled to receive $11.00 in cash for each share of Rover common stock they owned immediately prior to the closing. Rover’s common stock has ceased trading and will be delisted from the Nasdaq Stock Market.
“The closing of this transaction is an important milestone in Rover’s history and marks the start of the next chapter in our story,” said Aaron Easterly, co-founder and CEO of Rover. “We are excited to officially partner with Blackstone to leverage their resources and deep expertise to further our mission of making it possible for everyone to experience the unconditional love of a pet.”
Sachin Bavishi, Senior Managing Director at Blackstone, said, “Aaron and the Rover team have done an incredible job building a leading digital marketplace for pet services. We’re thrilled to embark on this partnership, bringing Blackstone’s scale and resources to further accelerate Rover’s growth and innovation, and enhance Rover’s strong value proposition relative to alternatives.”
Advisors
Goldman Sachs & Co. LLC acted as lead financial advisor to Rover, and Centerview Partners LLC also acted as a financial advisor to Rover and delivered a fairness opinion to Rover’s Board of Directors with respect to the proposed transaction. Wilson Sonsini Goodrich & Rosati, Professional Corporation acted as legal counsel to Rover.
Evercore acted as lead financial advisor and Moelis & Company LLC also acted as a financial advisor to Blackstone, and Kirkland & Ellis LLP acted as legal counsel to Blackstone.
About Rover Group, Inc.
Founded in 2011 and based in Seattle, Rover is the world’s largest online marketplace for pet care. Rover connects pet parents with pet providers who offer overnight services, including boarding and in-home pet sitting, as well as daytime services, including doggy daycare, dog walking, and drop-in visits. To learn more about Rover, please visit www.rover.com.
About Blackstone
Blackstone is the world’s largest alternative asset manager. We seek to deliver compelling returns for institutional and individual investors by strengthening the companies in which we invest. Our more than $1 trillion in assets under management include global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.
