PetSmart acquiring pet food and supply site Chewy.com
PetSmart said Tuesday that it is acquiring pet food and supplies retailer Chewy.com. The deal is expected to close at the end of the second fiscal quarter of 2017. PetSmart did not disclose the terms of the acquisition, but Recode said the deal is worth $3.35 billion, exceeding the $3.3 billion-dollar price tag Wal-Mart Stores Inc. paid for Jet.com last year. Chewy will continue to be led by Chief Executive Ryan Cohen when the deal closes, and largely operate as an independent subsidiary of PetSmart.
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