American pet services marketplace Wag Labs, a technology platform that enables on-demand and scheduled dog walking, training, and other pet care services, today announced plans to merge with CHW Acquisition. The transaction values the combined company at a pro forma enterprise and equity value of approximately $350 million.
If approved, at closing Wag! Group Co. is expected to be listed on the Nasdaq under the new ticker symbol PET.
Assuming no redemptions from CHW shareholders, the transaction will deliver approximately $175 million in gross cash proceeds, enabling Wag! to accelerate its growth initiatives organically and further consolidate the pet wellness and services market through opportunistic M&A. Wag!’s existing shareholders will hold approximately 65% of the shares of the combined company on closing. In connection with the business combination. Wag! and CHW intend that shares in the combined company be granted to select pet caregivers, allowing them to participate in the combined company’s future. Read more.
