Kirkland & Ellis advised private equity funds managed by Blackstone on a definitive agreement to acquire Rover Group, Inc. (Nasdaq: ROVR), the world’s largest online marketplace for pet care, in an all-cash transaction valued at approximately $2.3 billion. Under the terms of the agreement, Rover stockholders will receive $11.00 per share in cash, representing a premium of 61% to the volume weighted average share price of Rover’s Class A common stock over the 90 trading days ending on November 28, 2023. The transaction is currently expected to close in the first quarter of 2024, subject to the approval of Rover’s stockholders and the satisfaction of required regulatory clearances and other customary closing conditions.
Rover was created to provide an alternative to relying on friends, family, neighbors, and/or boarding facilities for pet care when traveling away from home. Rover’s partnership with Blackstone reflects a shared belief in the future growth potential of the industry and long-term vision to build on Rover’s leadership position in the market. Blackstone’s investment aims to help enable Rover to further accelerate investment priorities, expand its global footprint and fuel expansion initiatives.
The Kirkland team was led by corporate partners Sean Kramer, Marshall Shaffer and Daniel Wolf, and included corporate partners Chris Burwell, Daniel Yip and Zach Miller; executive compensation partners Rohit Nafday and Daniel Rios; tax partner Devin Heckman; antitrust & competition partners Andrea Murino and Jack Coles; and debt finance partners Melissa Hutson and Yuli Wang.