PetSmart LLC is in talks to go public through a blank-check company backed by private equity firm KKR & Co., according to people familiar with the matter. The pet supply retailer, backed by BC Partners, would be valued in the transaction at $14 billion including debt, said one of the people, who asked not to be identified because the information was private. KKR Acquisition Holdings I Corp.

(NYSE:KAHC). As with other SPAC deals, PetSmart would become a publicly trading company after merging with KKR Acquisition, the people said. The discussions are in early stages, the people said, adding that the talks could still end without an agreement.

Representatives for PetSmart and BC Partners didn't immediately respond to requests for comment. A spokesperson for KKR declined to comment.