PetSmart, the nation’s largest pet-supplies retailer, has agreed to acquire Chewy.com, the market’s No. 1 online retailer.
The combination of Phoenix-based PetSmart, with 1,500 stores nationwide, and Chewy, based outside Miami, will enhance both companies’ reach, the companies said Tuesday. The acquisition, which is subject to customary regulatory approvals, is expected to close this summer.
Terms of the transaction were not disclosed. However, tech media site Recode, citing unnamed sources, reported that the deal is valued at $3.35 billion. That would make the sale of Chewy the biggest e-commerce acquisition in history, even larger than Wal-Mart’s $3.3-billion deal for Jet.com last year.
“Chewy’s high-touch customer e-commerce service model and culture centered around a love of pets is the ideal complement to PetSmart’s store footprint and diverse offerings,” Michael Massey, PetSmart’s president and chief executive, said in the announcement.