Chewy climbs after Modern Animal deal, expands vet care footprint

Shares of Chewy CHWY.N rise 4.1% to $27.30 premarket

Online pet retailer says it entered into an agreement to acquire technology-focused veterinary platform Modern Animal to expand its pet healthcare ecosystem

The deal is expected to add over $125 million in annualized run rate revenue, scaling Chewy Vet Care's footprint to 47 locations nationwide from 18 - CHWY

Company sees 15–20% uplift in net sales per active customer across its veterinary network from ecosystem synergies

Adds that previously issued forecast remains unchanged; deal expected to close in Q2

Chewy board authorizes additional $500 million for share repurchases, citing confidence in long-term strategy and cash flow generation

Up to last close, stock down 20.7% YTD