On November 29, 2023, Blackstone Inc. announced the acquisition of Rover Group Inc., the world’s largest online marketplace for pet care, in an all-cash deal worth $2.3 billion. Wilson Sonsini Goodrich & Rosati advised Rover on the transaction.
Blackstone will pay $11 per share for the dog-walking and pet-sitting company, which amounts to a 61% premium over Rover’s average share price during the past 90 trading days.
The deal is expected to close in the first quarter of 2024, subject to the approval of Rover’s stockholders and regulatory clearances. Upon completion, Rover will cease to be a publicly-listed company.
The agreement includes a 30-day “go-shop” period expiring on Dec. 29 in which Rover and its advisors can solicit and negotiate other acquisition offers.
Founded in 2011, Rover was launched to offer traveling pet parents an alternative to relying on family, friends, or boarding facilities for pet care. Its offerings have grown to include services such as dog walking and doggie daycare.
The Wilson Sonsini team that advised Rover on the transaction includes:
M&A
Robert Ishii
Remi Korenblit
Kristen Kercher
Stacy Lee
Amanda Ryan
Michael Anthony
Corporate
Michael Nordtvedt
John Brust
June Wang
Hanna Kim
Technology Transactions
Scott McKinney
Morgan Kasenchak
Kristin Bradley
Isabel Annino
Dena Smith
Ariel Friedman
Regina McLeod
Antitrust and Competition
Beau Buffier
Shaina Vinayek
Elizabeth Wentross
Delaware Law
Amy Simmerman
Ryan Greecher
Employee Benefits and Compensation
Scott McCall
Michael Klippert
Employment Law
Rebecca Stuart
Allison Ivey Toth
Ava R.M. Shelby
Privacy and Cybersecurity
Matthew (Matt) Staples
Dantam Le
Michael O'Brien
Regulatory
Joshua Gruenspecht
Seth Cowell
Anne Seymour
Kim Biagioli
Tax
Gregory Broome
Nika Antonikova
For more information, please see Rover’s press release. Additional coverage can be found in The Wall Street Journal, Bloomberg, and Reuters.