"Hear about Pat Holdings' intention to acquire Bayer's animal health business?"

Zhang Sanshi looked at Zhang Yida with a smile, and when he heard the news at first, he was really shocked.

A company valued at billions of dollars swallows an elephant and wants to buy a company with a valuation of at least billions of dollars.

If it were an ordinary person, he might think that this person was crazy.

But if this person is Zhang Yida, he doesn't think so.

It's just that he didn't expect Zhang Yida to be so optimistic about the pet track, even more radical than Gao Ling.

Zhang Yida had a faint smile on his face, "That's right, I'm talking to Bayer"

ridiculed Zhang Sanshi again: "What? Gao Ling also intends to enter the game?"

Zhang Sanshi waved his hand and said with a smile: "I can't compare with you young people, when you are old, you will have the courage." ”

Zhang Yida didn't think Zhang Sanshi was bold, it should still be a position problem of Gaoling Capital.

As an investment group covering the whole process of early and late stage of the disease, Gaoling Capital's business spans the primary and secondary markets, although it manages tens of billions of dollars, it cannot spend more than 10% of the funds to acquire a pet medical company.

If you really do this, it is estimated that shareholders and investors will spray Zhang Sanshi to death.

With his past success, Zhang Sanshi could have forcibly pushed for the acquisition, but it was not necessary.

Wherever you invest your money, you make money, and there's really no need to take risks.

"And how do you settle the bet?"

Listening to Zhang Sanshi's question, Zhang Yida smiled, which was also the purpose of his appointment with Zhang Sanshi to meet today.

"The bet is going to end early. ”

Zhang Sanshi seemed to expect Zhang Yida to be like this, and said with a smile: "It's over now, won't Gaoling lose?"

Zhang Yida pursed his lips and was silent for a moment before saying: "There is still one year to go, Gaoling can continue to grab the pet hospital target, and Pate Holdings can also grab it."

But Gao Ling couldn't get a pet.com and Dogfud pet food. ”

Zhang Sanshi understands what Zhang Yida means, that is, Peter.com and Dogfud have become leaders in the two subdivisions of pet e-commerce and pet food respectively.

A company of this level is not born by spending money for a year.

And pet hospitals, which are basically scattered in China, can be purchased casually if they have money.

The potential meaning is that if you give Gaoling Capital another year, the bet will still be one word "lose".

Zhang Sanshi straightened up, changed his lazy appearance, and looked at Zhang Yida, "Pate Holding wants to acquire Bayer Animal Insurance, and the funds used have exceeded 1 billion US dollars.

The bet between us can also be directly invalidated, after all, this is just a gentleman's agreement, and there is no need to take it too seriously. ”

Zhang Yida nodded, agreeing with this law.

Zhang Sanshi again: "I also understand the principle of two benefits for cooperation, the key is that Bayer Animal Insurance is too huge, how to divide the equity after it is installed in Pate Holdings?"

"It's very simple, you put in all the assets in the pet field controlled by Gao Ling, and divide the equity according to the assets. ”

Zhang Sanshi shook his head, "What I mean is that Bayer Animal Protection will not be involved, and only let Pate Holdings and Gaoling's pet industry merge." ”

"Why?"

Zhang Yida looked puzzled, "Loaded into Bayer Animal Insurance, and then merging those assets controlled by Gaoling, this is a company with tens of billions of dollars."

Industry control of the domestic pet industry will fall into the hands of Pate Holdings. ”

"You're right, even if Bayer Animal Protection is not included, as long as the two of us merge, the new group can also lead the pet industry. ”

Zhang Sanshi elaborated on his views, "The vast majority of Bayer's animal insurance business is overseas, why did Bayer sell it?

Because the growth of this asset has basically stalled, and the potential has been exhausted.

Gaoling is an investment company that is oriented towards return on investment. ”

Zhang Yida disagreed with Zhang Sanshi's view and retorted: "Although Bayer Animal Health is not as good as Zoetis with a market value of more than $40 billion, nor is it as good as Boehringer Ingelheim, Merck and Eli Lilly, it can also rank fifth in the world."

What I value most is Bayer's veterinary drug R&D institutions, which are currently lacking in all Chinese veterinary drug companies and even the entire pet field.

China's pet market has been growing rapidly, and pet healthcare is the second largest segment after food.

Pate Holdings integrates more than 1,000 pet hospitals, and in hand, this is our offline medical store.

Don't worry about it online, Petech is now the largest pet e-commerce company.

Waiting for Bayer Animal Insurance, and relying on these resources, Pate Holding is confident that it will eat half of the domestic pet medicine market share.

These revenues are passed on to Bayer Animal Protection, which can also promote the research and development of related new veterinary drug products, and fight with Zoetis and Eli Lilly. ”

Zhang Sanshi was silent, he roughly understood Zhang Yida's logic, and wanted to rely on the advantages of Pate Holding in China to drive Bayer's animal insurance business, further improve pet medical technology, and strengthen the competitiveness of the enterprise.

"Both Zoetis and Eli Lilly have been rooted in the Chinese market for many years, and it is not so easy to steal their market. ”

Zhang Yida said with a smile: "As long as Bayer Animal Health can develop drugs, its pet hospitals will use Bayer's."

If you can't even find a replacement, then consider them last. ”

Zhang Sanshi thought about it carefully, pet hospitals actually have sales functions, selling dog food, selling medicines, and generally cats and dogs go to pet stores or pet hospitals to buy medicines when they are sick.

The idea put forward by Zhang Yida is indeed very attractive.

From pet e-commerce to pet food, to pet hospitals, pet drugs basically cover the entire industry chain, and the upstream and downstream are all connected.

Once such a giant enterprise comes out, the domestic pet market may only survive some medium-sized enterprises.

"You're doing this, aren't you afraid that Zoetis and Eli Lilly will sue you for monopoly?"

Zhang Yida laughed, "It's not that exaggerated, at most it is equivalent to penguins for online social networking, aren't there still Momo and Tantan products?"

Zhang Sanshi rubbed his eyebrows, the penguins in the pet world are indeed very exciting!

Zhang Yida added: "The pet market is expected to reach 200 billion by next year, and it is not difficult to grow to 3500 billion in a few years."

If Pate Holdings can eat 20% of the market, it may become a company with a market value of 160 billion to 240 billion yuan based on a price-to-sales ratio of 4-6 times.

And that's just for the domestic part, more than 90% of Bayer's animal insurance revenue comes from countries outside China. ”

Zhang Sanshi waved his hand, "Yida, don't keep painting cakes for me, how difficult it is to eat 20% of the market of the entire industry." ”

"I think it's very realistic, after the integration of pet hospitals will be the leader of the subdivision industry, pet e-commerce is already the leader, pet food is worse than Mars these foreign giants, pet medicine and other Bayer animal insurance acquisitions have been completed, and I am confident that he will become a domestic leader.

The four industry leaders can't eat 20% of the market share?"

Zhang Sanshi roughly calculated that the 20% market is not for the time being, and the 10% market can still work hard.

If the listing can reach a market value of 80 billion ~ 120 billion yuan in the next one or two years, it can roughly increase by 4-6 times compared with the current valuation of pet companies under Pate Holdings and Gaoling.

"Well, you've succeeded in convincing me. ”

Zhang Yida was not happy yet, and listened to Zhang Sanshi again: "But I still have one condition!"

"On what terms?"

Zhang Sanshi smiled, "To acquire Bayer Animal Insurance, Gaoling will pay 1 billion US dollars." ”

Zhang Yida hesitated for a moment, he had already negotiated with various investment institutions, but now he had to re-plan.

"Well, I promise you. ”