Henry Schein Spin-off Quick Summary


On April 23, 2018, Henry Schein (HSIC) unexpectedly announced that it would be spinning off its Animal Health business in a tax-free transaction. The segment will be merged with currently privately-owned Vets First Choice to form Covetrus, Inc. (CVET), which is set to begin trading on February 8, 2019. The transaction will effectively create a specialized, pure play veterinary supply and services company operating in a space that currently garners rich valuation multiples.

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