Patterson to spend $135M on UK company

Patterson to spend $135 million on UK veterinary products distributor

Associated Press

ST. PAUL, Minn. (AP) -- Patterson Companies Inc. will spend about $135 million to buy British veterinary products distributor National Veterinary Services Ltd. and broaden its geographic reach.

The St. Paul, Minn., distributor of dental and veterinary equipment said Wednesday that it will buy NVS from Dechra Pharmaceuticals PLC and operate it as a stand-alone subsidiary.

Patterson said it expects the acquisition to add between 4 cents and 5 cents per share to its earnings in the first full year after closing, counting one-time costs from the deal. NVS recorded more than 315 million pounds ($469.4 million) in revenue for the year that ended June 30.

The boards of both Patterson and Dechra have approved the deal, but Dechra shareholders still need to vote on it. The companies expect to close the acquisition next month.

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