BLACKSTONE takes majority stake in Rover Group

Blackstone completed the acquisition of Rover Group in February 2024, taking the online pet-care marketplace private following an agreement announced in November 2023. The transaction valued Rover at approximately $1–10bn and resulted in the delisting of its common shares from the Nasdaq Stock Market. The take-private transaction followed a strategic review by Rover’s board and included approval from the company’s shareholders. The transaction terms delivered $11.00 per share in cash to Rover stockholders, representing an acquisition premium of approximately 61% over the company's 90-day volume-weighted average share price prior to the initial agreement on November 29, 2023. The investment gives Blackstone control of a digitally enabled platform operating at the intersection of pet care, consumer services and online marketplaces. At closing, Rover's platform had facilitated over 93 million cumulative service bookings from more than 4 million pet owners, paying out over 1 million care providers across North America and Europe. The transaction reflects a growth-oriented private equity strategy focused on supporting an established technology-enabled business with additional capital, operational resources and sector expertise. Blackstone identified opportunities to build on Rover’s leading marketplace position as pet owners increasingly seek convenient, flexible and digitally accessible care solutions. Following the transaction, Rover continues to operate under its existing brand and management structure as a privately held company. Blackstone’s ownership is intended to support further investment in the platform, product development and international expansion while strengthening the company’s ability to scale its marketplace model. The partnership also provides Rover with access to Blackstone’s resources and experience in technology-enabled businesses, creating a platform for continued innovation and long-term growth in the pet-care services market.