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Apollo nearing deal to buy PetSmart for about $8 billion - Bloomberg

Published 14/12/2014, 00:41
© Reuters. Leon Black, Chairman and CEO Apollo Global Management, LLC, takes part in Private Equity: Rebalancing Risk session during the 2014 Milken Institute Global Conference in Beverly Hills
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WASHINGTON (Reuters) - Apollo Global Management is nearing a buyout of PetSmart Inc for about $8 billion (5.09 billion pounds) in what would be the largest leveraged deal for a U.S. company this year, Bloomberg reported on Saturday, citing unnamed sources.

"New York-based Apollo is in late-stage talks to buy PetSmart for about $8 billion following an auction process that has been under way for weeks, said one of the people, who asked not to be identified because the talks are confidential," Bloomberg said.

© Reuters. Leon Black, Chairman and CEO Apollo Global Management, LLC, takes part in Private Equity: Rebalancing Risk session during the 2014 Milken Institute Global Conference in Beverly Hills

It said the pet-supplies retailer has a market value of $7.72 billion. A private-equity deal with Apollo would top Blackstone Group LP's $5.4 billion purchase of industrial-products maker Gates Global LLC in July, Bloomberg said.

(Writing by Mohammad Zargham; Editing by Jonathan Oatis)

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