As tensions might drag over the next decade, investors have to learn to operate under prolonged uncertainty, said Warburg Pincus' Charles Kaye.World Economyread more
Billionaire investor Howard Marks, the co-chairman of Oaktree Capital, predicts there won't be a recession in the U.S. for another two years.US Economyread more
Network officials also said voters should expect more of a Koch focus on grassroots activism throughout the 2020 election cycle.Politicsread more
One person was killed and five others wounded on Thursday in a shooting on the streets of Washington, D.C., not far from the White House, police said.U.S. Newsread more
Stores are extending hours and cities are spending on light shows as China tries to encourage consumers to spend more money at night.China Economyread more
New research suggests fewer girls pursue careers in STEM — science, technology, engineering and math — because they're better than boys at reading.Closing The Gapread more
Stocks in Asia Pacific edged up in Friday afternoon trade as a series of developments overnight on the U.S.-China trade front dampened hopes of a deal being reached between...Asia Marketsread more
GM's usage of temporary workers, potential closure of plants and health care contributions remain major sticking points, according to people familiar with the talks.Autosread more
In a room full of avowed capitalists, policies that sound to some like socialism are bound not to go over well.Delivering Alpharead more
Trump has criticized Facebook numerous times since becoming president, most recently posting on Twitter that the company's proposed digital currency, libra, will "have little...Technologyread more
Republicans and Democrats have long since separated themselves by ideology, leaving each more uniformly conservative or liberal than ever. And now a new data analysis by the...Politicsread more
Health-care products distributor Henry Schein is spinning off its animal health business and merging it with Vets First Choice to form a new company called Vets First Corp.
The deal, announced Monday, will combine Henry Schein's veterinary supplies, software for practices and distribution network with Vets First Choice's prescription management platform.
Henry Schein anticipates receiving from the transaction about $1 billion to $1.25 billion in cash on a tax-free basis. Its shareholders will own about 63 percent of the new company, and Vets First Choice shareholders will own about 37 percent of it.
Americans are investing more in their pets, spurring interest from companies searching for growth. In February, General Mills said it would buy pet food maker Blue Buffalo for $8 billion. M&M-owner Mars has bulked up its pet business, which includes Iams, Pedigree and Whiskas brands. Last year, it acquired animal hospital company VCA for $9.1 billion.
Meanwhile, the threat of Amazon's entry into health care looms. The company already sells some supplies to doctors and dentists through its Amazon Business division. Henry Schein says spinning off and merging the animal health business will allow it to focus more on the dental and medical supply businesses.
"Some people felt this (deal) is perhaps to fend off online retailers, but it has absolutely nothing to do with that. This is about bringing two great companies together where (veterinary) practitioners will be more successful," Henry Schein CEO Stanley Bergman said in an interview with CNBC.
Henry Schein's stock has slid nearly 18 percent over the past year. It gained nearly 7 percent Monday.
Its animal health business posted $3.48 billion in revenue last year. Within three years, the deal is expected to accelerate revenue growth as the merged company adopts the Vets First Choice platform across the Henry Schein customer base, potentially adding more than $100 million in operating income.
The merger gives 8-year-old Vets First Choice the chance to become public without going through an initial public offering. The Portland, Maine-based company raised $223 million from a group of investment firms last year.
At the time, founder and CEO Ben Shaw said the money would help Vets First Choice expand globally. The combination with Henry Schein gives it an immediate opportunity for that.
"These are very sensitive, high-touch services — prescription management, inventory management, workflow of the business — that's crucial to day-to-day work," Shaw said. "To extend that globally is unique."
Shaw will become CEO of Vets First Corp. Henry Schein will nominate six board members and Vets First Choice will nominate five. Bergman will serve on the board while continuing to serve as Henry Schein's CEO.
"By combining forces with (Henry Schein Animal Health), we anticipate accelerating the introduction of new and enhanced programs, services, and technology to veterinary teams so they can deepen their focus on doing the great work of caring for the animals in our lives," Shaw said in a statement.
The deal is expected to close by the end of the year.