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Patterson buys production animal health distributor for $1.1B

May 04, 2015 9:03 AM ETPatterson Companies, Inc. (PDCO) StockPDCOBy: Douglas W. House, SA News Editor
  • Patterson Companies (NASDAQ:PDCO) acquires Animal Health International, a distributor of production animal health products, for $1.1B in cash. The transaction doubles the size of PDCO's veterinary business.
  • Concurrently, the company announces the potential sale of its medical rehabilitation business, which generated sales and non-GAAP net income of $468M and $64M, respectively, for the 12-month period ended January 2015. Management says the business, while well-positioned, is not a core part of the firm's long-term growth strategy. The proposed sale price is not disclosed.
  • The two deals collectively will be neutral to fiscal 2016 non-GAAP EPS, excluding one-time transaction costs and amortization, but accretive beginning in fiscal 2017.
  • Patterson will host a conference call this morning at 11 am ET to discuss the transactions.

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