Caisse de Depot et Placement du Quebec, Montreal, was part of the consortium led by private equity firm BC Partners to buy PetSmart Inc., the largest pet store chain in the U.S., for about US$8.3 billion in the biggest leveraged buyout deal for an American company this year.
Meanwhile, Riverbed Technology Inc. agreed to be acquired Monday for about US$3.6 billion by private equity firm Thoma Bravo and Teachers' Private Capital, the private equity arm of the C$140.8 billion (US$121 billion) Ontario Teachers' Pension Plan, Toronto.
The PetSmart group will pay US$83 a share, according to a statement Sunday. That's about 39% more than the company's price on July 2, before activist investor JANA Partners began pushing for the sale. Including debt, the total value of the deal is about US$8.7 billion.
BC Partners topped other bidders, including Apollo Global Management and KKR & Co., during an auction that came down to negotiations over the weekend, people with knowledge of the matter said.
Riverbed stockholders will receive US$21 a share in cash, Riverbed said in a statement Monday. The agreement represents a 12% premium over Riverbed's Dec. 12 closing price. The computer-networking company said in October it had hired advisers to review strategic alternatives.
Caisse manages C$214.7 billion in assets for Quebec public pension and other provincial funds.
