Private equity giant Blackstone will acquire the pet care app Rover in an all-cash deal valued at $2.3 billion, the companies announced Wednesday.
Shares of Rover climbed about 28% on news of the deal, which will pay Rover shareholders $11 per share.
Rover shares mostly bounced around under $7 each for most of the year before jumping earlier this month on a strong third-quarter earnings report.
Rover was founded in 2011, connecting pet owners with care providers who provide boarding, in-home pet sitting and dog walking, among other services.
The Seattle-based company says from its inception through Sept. 30, more than 93 million services have been booked by more than 4 million pet owners with more than 1 million pet care providers paid across North America and Europe.
Persons:
Blackstone, ”, Tushar Gupta
Organizations:
Blackstone, Rover, North
Locations:
Seattle, North America, Europe