Mars to Purchase Veterinary Diagnostics Firm in $1.3 Billion Deal

Mars Inc is buying veterinary equipment firm Heska Corp in a $1.3-billion deal as the maker of Pedigree dog food looks to expand its animal diagnostics business.

In a joint statement issued on Monday, Mars said it would pay $120 per share to Heska’s shareholders, which is a premium of 22.9% over its last close. Shares of Heska were up 19.8% to $116.6, in early morning trading.

The companies expect to close the deal in the second half of 2023.

The privately held confectioner, known for its M&M’s and Snickers, has been betting on its pet care business as it anticipates a boom in demand due to a rise in pet ownership.

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