PetSmart acquired in $8.7 billion deal

PetSmart has agreed to be acquired for $8.7 billion in the largest private equity deal so far this year.

A group of investors led by BC Partners is making the purchase, according to CNNMoney.

"We are very pleased to add PetSmart to our portfolio of investments," said Raymond Svide of BC Partners. "PetSmart is an iconic brand and the category leader in the growing pet retail industry."

Read more from CNNMoney.