Wag! to Merge With CHW for $350 Million

Cleary Gottlieb is representing Wag Labs Inc. (Wag!) in its business combination agreement with CHW Acquisition Corporation (CHW), a special purpose acquisition company.

The transaction was announced on February 3, 2022.

Upon closing of the transaction, Wag! shares will trade on NASDAQ under the symbol “PET.” The transaction will support Wag!’s mission to make pet ownership more accessible by accelerating the online consolidation of the $44 billion pet wellness and services industries.

The transaction implies an enterprise value for Wag! of approximately $350 million and is supported by new investors and several of its existing investors. Additionally, CHW has obtained commitments for $30 million in debt financing in connection with the transaction.

Wag! is an American pet services marketplace company powering a mobile-first technology platform that enables on-demand and scheduled dog walking, training, and other pet care services. CHW is a blank check company formed for the purpose of effecting a merger or similar business combination with one or more businesses.

For more information, please see the press release here.