VCA Inc. acquired by Mars, Incorporated

Basis

• USD 9.1bn enterprise value is treated as publicly disclosed or derived directly from public source data.
• Valuation covers 100% of the target; the amount invested or paid for a stake is separate.
• Implied EV / revenue is 3.62x, calculated from USD 9.1bn value and USD 2.5bn revenue.
• Revenue and multiple inputs are not fully disclosed in public transaction materials reviewed; treat the multiple as an estimate.
• The approximately $9.1 billion announced whole-company transaction value, including $1.4 billion of outstanding debt, is recorded as estimated enterprise value. The announcement separately states $93 per VCA share; aggregate equity consideration is not populated. VCA reported FY2016 revenue of $2,516,863,000. The approximately 3.62x revenue multiple is calculated from approximate EV and reported FY2016 revenue. No supported EBITDA figure is reported in the cited sources, so EBITDA and its multiple are omitted. The 100% stake reflects the agreement to acquire all outstanding shares; it does not assert that Mars acquired treasury or excluded shares. Approximate $9.1 billion EV divided by reported FY2016 revenue of $2,516,863,000; approximate multiple rounded to two decimal places. VCA’s FY2016 Form 10-K reports consolidated revenue in thousands; the revenue multiple is calculated using that figure and approximate announced EV.