Apollo Global Management LLC (APO) is nearing a deal to buy retailer PetSmart Inc. (PETM), Bloomberg reported citing people with knowledge of the matter.
New York-based Apollo is said to in late-stage discussions to buy PetSmart for about $8 billion. This follows an auction process underway for the past few weeks.
Purchase of the company with a market value of $7.72 billion would be the largest leveraged deal for a U.S. company this year, the report added.
Last month, PetSmart said its third quarter profit remained essentially flat with last year, as higher costs and expenses offset a 2.6 percent rise in sales. The company has been facing pressure to sell itself.
PetSmart said in August that it would explore strategic alternatives, including a possible sale, bowing to pressure from activist investor Jana Partners LLC and other shareholders that the company sells itself.
In July, hedge fund Jana Partners revealed a 9.9 percent stake in PetSmart, and urged the firm to seek a sale.
PETM closed down 0.8 percent on Friday at $77.67. APO rose 0.3 percent to $22.81.
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May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.