Coles Group is in discussions with U.S. private equity firm TPG to acquire Greencross Pet Wellness Company. The Australian supermarket operator is currently conducting due diligence on the owner of Petbarn and City Vets.
Market speculation values the potential transaction at approximately $4 billion. TPG previously took Greencross private for A$675 million in 2019.
Coles Group shares fell following news of the expansion beyond its core supermarket business. The discussions remain incomplete and no final agreement is certain.