It's official: PetSmart to go private

PetSmart’s investors have officially approved a buyout of the company by a private equity firm, setting up a payout to stockholders of $83 per share.

In December, PetSmart announced it accepted a bid on the company for $8.7 billion. The company expects the transaction to close on March 11. The buyout means PetSmart will become a private company.

For the period ended Feb. 1, the company posted a profit of $132.1 million, or $1.32 a share, up slightly from $131.5 million, or $1.28 a share a year earlier. Revenue grew 6% to $1.91 billion, topping the $1.87 billion analysts had predicted. Net sales increased 6% to $1.9 billion, from $1.81 billion. Same-store sales growth, including sales from online websites, rose 2.6%.

PetSmart is the largest specialty pet retailer in the United States, with 1,404 pet stores in the United States, Canada and Puerto Rico.