April 23, 2018 / 10:34 AM / a month ago

UPDATE 1-Henry Schein to spin off animal health unit and merge with Vets First Choice

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April 23 (Reuters) - Henry Schein Inc said on Monday it would spin off its animal health business and merge it with Vets First Choice to create a new company that will form an animal health service and technology platform to support the veterinary market.

The company said Henry Schein shareholders will own approximately 63 percent of the new company and expects to receive between $1.0 billion to $1.25 billion in cash on a tax-free basis.

Vets First Choice, founded in 2010, is a provider of technology-enabled health care services, with focus on animal health.

Vets First Choice Chief Executive Officer Ben Shaw, will be the CEO of the combined company, to be named Vets First Corp.

Henry Schein will nominate six individuals to the new company’s board and Vets First Choice will nominate five individuals.

Centerview Partners is serving as exclusive financial adviser to Henry Schein, and Cleary Gottlieb and Proskauer Rose are serving as its legal advisers.

J.P. Morgan Securities, LLC is serving as exclusive financial adviser to Vets First Choice and Morgan Lewis is serving as its legal adviser. (Reporting by Mrinalini Krothapalli; Editing by Shailesh Kuber)

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