PORTLAND, Maine--(BUSINESS WIRE)--Covetrus® (NASDAQ: CVET), a global leader in animal-health technology and services, today announced that it has completed the sale of its scil animal care business to Heska Corporation (NASDAQ: HSKA).

The transaction closed under an amended purchase agreement which reduced the total consideration paid to Covetrus from $125 million to $110 million. In conjunction with the price adjustment, an approximate $10 million escrow fund that was to be funded by Heska and used as collateral for a period of up to 18 months for any potential claims tied to the transaction was eliminated.

Covetrus plans to use the net proceeds received today, after closing adjustments and paying transaction-related fees and taxes, to help reduce the company’s net debt position and for other general corporate purposes.

“The scil business is in great hands with a high-quality partner in Heska and we are appreciative of their commitment to the business and the scil team during these unprecedented times,” said Ben Wolin, Covetrus president and chief executive officer. “We remain focused as an organization on the core drivers of our business and executing against our strategic priorities.”

About Covetrus

Covetrus is a global animal-health technology and services company dedicated to empowering veterinary practice partners to drive improved health and financial outcomes. We’re bringing together products, services, and technology into a single platform that connects our customers to the solutions and insights they need to work best. Our passion for the well-being of animals and those who care for them drives us to advance the world of veterinary medicine. Covetrus is headquartered in Portland, Maine, with more than 5,500 employees, serving over 100,000 customers around the globe. Learn more at covetrus.com.