Henry Schein Spins Off of Animal Health Business to Merge with Vets First Choice

April 23, 2018

Cleary Gottlieb is representing Henry Schein, Inc. in a “Reverse Morris Trust” transaction, pursuant to which Henry Schein will spin off its Animal Health business and merge it with Vets First Choice to form a new publicly traded company.

Upon completion of the transaction, subject to certain adjustments, Henry Schein shareholders will own approximately 63 percent and Vets First Choice shareholders will own approximately 37 percent of the combined company. Henry Schein also expects to receive between $1.0 billion and $1.25 billion in tax-free cash proceeds as part of the transaction. The transaction was announced April 23, 2018, and is subject to customary closing conditions.

Henry Schein, Inc. is the world’s largest provider of business, clinical, and technology solutions to enhance the efficiency of office-based dental, animal health, and medical practitioners.

Vets First Choice is a leading provider of technology-enabled healthcare services for companion and equine veterinary practitioners.