Pet supplies retailer PetSmart said Tuesday it has agreed to acquire Chewy.com, a fast-growing online retailer of pet supplies.
PetSmart didn’t disclose the terms of the deal, but Recode valued it at $3.35 billion, edging out the $3.3 billion Walmart paid for Jet.com in August. The deal is expected to close at the end of the second fiscal quarter of 2017.
Since its founding in 2011, Dania Beach, Florida-based Chewy.com has attracted 3 million customers and counts 4,000 employees among its workforce, according to the South Florida Business Journal. The company was rumored to be going public this year.
Chewy.com will largely operate as an independent subsidiary of PetSmart after the deal closes.