Herbert Smith Freehills Kramer is pleased to be advising Rover Group, Inc (Rover) on its proposed A$62 million acquisition of Mad Paws Holdings Limited (ASX:MPA) (Mad Paws), which operates Australia's leading online pet ecosystem, by way of scheme of arrangement.
Under the terms of the scheme, it is proposed that Rover will acquire 100% of the shares on issue in Mad Paws. Implementation of the scheme is subject to completion of the divestment of Mad Paws' Pet Chemist business and closure or deregistration of the residual e-commerce businesses operated under the Sash and Waggly brands, as well as Australian Foreign Investment Review Board approval and Mad Paws shareholder and Australian court approvals.
Founded in 2011 and based in Seattle, Rover is the world's largest online marketplace for loving pet care. Rover's existing global footprint spans 16 countries, including across North America and Europe. The acquisition will help further Rover's international expansion, allowing Rover to enter the Australian market for the first time.
The Herbert Smith Freehills Kramer team is being led by M&A partner Amelia Morgan, with support from solicitor Ben Hansen, senior associate Fergus Little and solicitor Arda Reznikas.
Amelia Morgan said, "It's been a pleasure to work with the Rover team on this important transaction, which is expected to mark a pivotal moment for the company's international growth. The transaction also demonstrates the continued strength of cross-border M&A in the Australian market. We look forward to continuing to work with the Rover team towards implementation."