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MarketWatch MarketPulseApr 23, 2018
Henry Schein plans animal health spinoff, expects more than $1 bln
Henry Schein Inc. shares rose 1.4% in premarket trade Monday after the company said it plans to spin off its animal health business for an expected $1 billion to $1.25 billion in tax-free cash. The company said it may use the tax-free cash for share buybacks, debt repayment and acquisitions. The company's animal health business will merge with privately-held Vets First Choice, with plans to form a company called Vets First Corp. and go public. Vets First Corp. will be headed up by Vets First Choice Chief Executive and Founder Ben Shaw, and expects combined pro forma 2017 sales of about $3.6 billion. Once the deal closes, expected by the end of 2018, Henry Schein expects 2017 pro forma revenue of about $9 billion, and will likely update full-year earnings guidance once the transaction closes. Henry Schein shares have dropped 9.5% over the last three months, compared with a nearly 6% drop in the S&P 500 .

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