Brazil's pet product retailers Petz, Cobasi sign merger memorandum
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Brazilian pet product retailers Petz and Cobasi have signed a merger memorandum to create the country's largest player in the sector. The combined company will be owned 50% by Petz shareholders and 50% by Cobasi shareholders. The deal values Petz at 7.10 reais per share and includes Cobasi paying 450 million reais in cash to Petz shareholders. The combined company could generate gross revenue of 6.9 billion reais and own 483 stores in Brazil. The deal is subject to a definitive agreement and approval from Brazil's antitrust regulator.
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