08:34 AM EDT, 08/07/2024 (MT Newswires) -- PetIQ ( PETQ ) has agreed to be acquired by Bansk Group for $31 per share in an all-cash deal valued at approximately $1.5 billion, the companies said Wednesday.

The transaction is expected to close in Q4, subject to PetIQ ( PETQ ) stockholder approval and other customary conditions, according to the joint statement.

Following the acquisition, PetIQ ( PETQ ) will delist from Nasdaq and operate privately under its current executive team, the companies said.

PetIQ ( PETQ ) shares were 48% higher in premarket trading.