Petco Animal Supplies

(PETC)

joined the growing list of companies being bought out by private-equity firms, agreeing to a $29-a-share takeover proposal from Leonard Green & Partners and Texas Pacific Group.

The deal for the seller of pet food and supplies is valued at $1.8 billion, including the assumed debt. The per-share price is a 49% premium to Petco's Thursday closing price of $19.45. Petco has traded between $18 and $29.88 in the past year.

Shares of Petco were surging $8.42, or 43.3%, to $27.87 following the buyout news Friday.

Petco's board has approved the agreement and is recommending that stockholders accept the offer. If holders clear the transaction, it should close by the fourth quarter. The company operates more than 800 stores in 49 states and Washington, D.C.

Leonard Green is a Los Angeles-based private equity firm, and Texas Pacific is a private investment firm based in Fort Worth, Texas.