Chewy, Inc. (NYSE: CHWY) ("Chewy"), today announced it has entered into a definitive agreement to acquire Modern Animal, Inc. ("Modern Animal"), a technology-forward veterinary platform with 29 owned clinics, 24/7 virtual care, and a high-retention membership model. 

Following the signing of this definitive agreement, Chewy's Board of Directors authorized an increase of $500 million to the company's existing share repurchase program. The authorization reflects continued confidence in the company's long-term strategy, strong free cash flow generation, and disciplined approach to capital allocation.