Apollo Global Management said on Monday it will take a minority stake in PetSmart, a North American pet essentials retailer, but did not disclose the terms of the transaction.

PetSmart, which has been in talks to go public through a SPAC deal with KKR, was potentially valued at $14 billion, including debt, according to a Bloomberg report.

Private equity firm BC Partners, which bought the company for $8.7 billion in 2014, will retain control of the board, along with Singapore sovereign wealth fund GIC, Apollo said.

PetSmart provides pet products and services across more than 1,660 stores in the United States, Canada and Puerto Rico

The transaction is expected to close in the fourth quarter.

PetSmart did not immediately reply to a request for comment.

Reuters