Mars, the fourth-largest privately held company in the U.S., has agreed to buy the pet diagnostics and specialty products company Heska (NASDAQ: HSKA) for $120 per share. In response to this news, the stock was up by a hefty 20.6% on heavy volume as of 10:50 a.m. ET Monday. 

This buyout agreement represents a 23% premium relative to Heska's closing price last Friday. The two companies expect the transaction to close in the second half of 2023, according to the press release. 

Through this deal, Mars will gain Heska's rapidly growing suite of pet diagnostics products, which are quickly becoming an integral part of the veteinary practices across a wide range of geographies. Once the transaction closes, Heska will become part of Mars Petcare, a subsidiary that the multinational conglomerate has been steadily building out since 2007. 

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Source Fool.com