Mars Petcare has announced plans to acquire US company Heska, a global provider of advanced veterinary diagnostic and specialty products.\r\n\r\nThis acquisition will enable the science and diagnostics division of Mars to expand its diagnostic offerings and broadly promote point-of-care veterinary diagnostics.\r\n\r\nMars will pay $120.00 (\u00a396) per share for Heska which represents a premium of approximately 38% over Heska's 60-calendar day volume weighted average price.\r\n\r\nThe transaction has been unanimously approved by both boards and is now awaiting customary closing conditions.\r\n\r\nNefertiti Greene, president, Mars Petcare, Science and Diagnostics, said: "We look forward to welcoming Heska to Science and Diagnostics as we share the belief that diagnostic innovation is a critical enabler to providing transformative veterinary care.\r\n\r\n"This transaction will bring together highly complementary businesses with a strong strategic and cultural fit that furthers our purpose to create a better world for pets. This comprehensive diagnostic offering will mean broader coverage across diagnostic products, services, and technology, and will accelerate R&D for novel solutions."\r\n\r\nKevin Wilson, CEO and president, Heska, added: "Today's announcement is a great testament to the quality of our Heska family - we are small, but our people and their creativity, execution, expertise, and value-creation have made us exceptional. We are thrilled to join Mars Petcare on its quest to build a better world for pets.\r\n\r\n\u201cWorking together, Heska's innovations will more quickly reach more veterinarians to help more pet families live better, healthier, longer lives. That's been our mission for over a decade and today is an incredible milestone towards realising it."\r\n\r\nHeska was founded in 1988 and seeks to provide the benefits of technological breakthroughs to Europe and North America, although it is yet to crack the UK market.