Pethealth plans to acquire certain assets of PurinaCare
Pethealth Inc., through its subsidiary PTZ Insurance Agency, is set to acquire certain assets of PurinaCare Insurance Services. Pethealth will obtain Purina's pet insurance operations relating to the administration of Purina's pet insurance program and the rights to subsequent policyholder renewals.
The acquisition agreement's consideration was announced to be a maximum of $800,000 for approximately 12,000 current policyholders. According to a release by Pethealth, the all-cash transaction will be financed through a three-year loan agreement with a six-month fixed interest rate plus 2.25 percent. "Until all the closing conditions are satisfied or waived, there can be no assurances that this transaction will be completed," the release states. "If all closing conditions are satisfied, closing is expected to occur on or before May 1, 2013."
Pethealth, a leading provider of medical insurance for dogs and cats to pet owners, operates in the United States, Canada and the United Kingdom and is based in Oakville, Ontario.