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Ropes & Gray Advises TPG and Clayton, Dubilier & Rice on Regulatory Matters in $4 Billion Acquisition of Covetrus

Practices: Private Equity, Health Care, Securities & Futures Enforcement

Ropes & Gray advised TPG Capital and Clayton, Dubilier & Rice (CD&R) on regulatory matters and TPG Capital on governance in an agreement to acquire Covetrus, a global leader in animal health technology and services. TPG and CD&R will acquire all outstanding shares of Covetrus common stock not already owned by affiliates of CD&R for $21 per share in cash, representing an enterprise value of approximately $4 billion. The announcement was made on May 25 in a press release. 

CD&R is a private investment firm that has managed the investment of more than $40 billion in over 100 companies with an aggregate transaction value of more than $175 billion since its inception. TPG Capital is the private equity platform of alternative asset management firm TPG, which manages $120 billion of assets under management and has investment and operational teams in 12 offices globally. 

The Ropes & Gray team was led by private equity partners Chau Le and Jay Freedman, life sciences regulatory & compliance partner Gregory Levine and health care partner Michael Lampert, and included private equity counsel Peter Wang and litigation & enforcement partners Annie Herdman, Daniel McCaughey and Aaron Katz.

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