Phibro Animal Health Corporation (NasdaqGM:PAHC) entered into a definitive agreement to acquire Medicated feed additive product portfolio, certain water soluble products and related assets of Zoetis Inc. (NYSE:ZTS) for approximately $350 million on April 28, 2024. The acquisition is expected to boost Phibro Animal Health?s profitability and EBITDA margin and be accretive to its Adjusted Earnings Per Share and is expected to be funded primarily with debt, and Phibro Animal Health has received financing commitments from a number of key relationship banks. As of December 31, 2023 the acquired portfolio reported revenue of approximately $400 million.

The transaction is subject to customary closing conditions and is expected to be completed in the second half of calendar year 2024. Guggenheim Securities, LLC acted as financial advisor and Wachtell, Lipton, Rosen & Katz LLP acted as legal advisor to Zoetis Inc. Citigroup CIB acted as financial advisor and Kirkland & Ellis LLP acted as legal advisor to Phibro Animal Health Corporation.