VCA Antech buys PET DRx for $41.25 million

Los Angeles

-- VCA Antech announced June 2 that it will acquire animal hospital operator PET DRx for about $41.25 million.

VCA owns the largest network of freestanding animal hospitals and veterinary laboratories in the United States and also supplies the veterinary profession with diagnostic imaging equipment. PET DRx provides companion-animal primary care and specialized services at its 23 hospitals in California, earning a revenue of about $64 million per year, according to VCA.

The purchase price will include $28.5 million to pay down debt, with a final purchase price of about $.34 to $.36 per common share.

Upon completion of the purchase, VCA says it will operate more than 520 animal hospitals in 40 states.