08:01 AM EST, 12/11/2024 (MT Newswires) -- (Updates with more details from the second paragraph.)

Patterson Companies ( PDCO ) said Wednesday that it has agreed to be acquired by health care investment firm Patient Square Capital for $31.35 per share in cash.

The proposed transaction values Patterson at around $4.1 billion, including the refinancing of its receivables facilities, and will be financed through committed equity financing by Patient Square Equity Partners and debt financing led by Citi, UBS Investment Bank, and Wells Fargo Bank, Patterson said.

The purchase price represents a 49% premium to Patterson's 30-day volume-weighted average price as of Dec. 4, the company added.

Patterson said its board of directors, excluding President and Chief Executive Don Zurbay due to his management role, unanimously approved the transaction, which is expected to close in Q4 of the company's fiscal 2025.

The agreement includes a 40-day "go-shop" period for Patterson to seek alternative acquisition proposals. Upon completion, Patterson said it will become a privately held company and will delist from the Nasdaq Global Select Market.