Latham Advises on Patient Square Capital’s US$4.1 Billion Acquisition of Patterson Companies

Patterson Companies, Inc. (Nasdaq: PDCO), a leading dental and animal health distributor, has announced that it has entered into a definitive agreement to be acquired by Patient Square Capital (Patient Square), a dedicated healthcare investment firm. Under the terms of the agreement, Patterson shareholders will receive US$31.35 in cash per share, representing an approximately 49% premium to Patterson’s 30 calendar day volume-weighted average price (VWAP) ending December 4, 2024 (the last trading day prior to Patterson announcing the evaluation of strategic alternatives), or a transaction value of approximately US$4.1 billion, including the refinancing of Patterson’s receivables facilities.

Latham & Watkins LLP represented the financing sources in the transaction with a team led by Vice Chair of Latham’s Global Capital Markets Practice Stelios Saffos and partners Peter Sluka, Jesse Sheff, Andrew Baker, Gene Mazzaro, Erika Weinberg, Conray Tseng, and counsel Jon Wry, with associates Katherine Page, Hana Nah, Aditi Sharma, Ana Nunez Cardenas, Sofia Sitterson, and Michaela Bolden. Advice was provided on uniform commercial code matters by partner Brian Rock; on tax matters by partners Benjamin Rosemergy and Bora Bozkurt, with associate Kevin Matheny; on data and technology transactions matters by partner Michelle Gross, with associates Kiara Vaughn and Gaby Forte; on healthcare and life sciences matters by counsel Chad Jennings; and on litigation matters by counsel Nathan Saper.