Private equity firm Blackstone on Tuesday completed its roughly $2.3 billion all-cash acquisition of Seattle-based pet services marketplace Rover Group Inc.
Rover and Blackstone first announced the deal in November, at which time Rover's board had approved the deal. Rover's shareholders approved the deal Thursday.
“The closing of this transaction is an important milestone in Rover’s history,” Aaron Easterly, co-founder and CEO of Rover, said in a news release. “We are excited to officially partner with Blackstone to leverage their resources and deep expertise."
The acquisition takes Rover off the Nasdaq. The company first went public in August 2021 through a merger with a special purpose acquisition company.
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Blackstone is paying $11 per share, a roughly 61% premium over Rover's volume-weighted average share price during the 90 trading days leading up to the day before the deal was announced.
The deal had a "go-shop" period that allowed Rover to entertain other offers and terminate the Blackstone one, but that period closed Dec. 29. Rover said at the time it had continued to seek proposals from other potential buyers, but did not receive any other offers.
Rover was founded in 2011. The company connects pet owners with services like walking and sitting, and it offers Rover-branded leashes and virtual dog training. Rover generated $66.2 million in revenue during the third quarter, up from $50.9 million during the same period in 2022.
Rover Chief Financial Officer Charlie Wickers said in November the company had just over 500 employees. When the deal was first announced, a Rover spokesperson said via email although the company "can never guarantee the future, we’re not anticipating major changes" regarding its headcount.
Blackstone, headquartered in New York City, has over $1 trillion in assets under management. Its private equity arm has $139 billion in assets under management and 126 portfolio companies, including the dating app Bumble and the genealogy company Ancestry.
