SYDNEY, AUSTRALIA: Woolworths Group has agreed to promote 5.5% of the issued capital of Endeavour Group via a block commerce at a price of $6.46 per share.
Woolworths Group CEO, Brad Banducci, said: “Our decision to reduce our stake comes after a profitable transition from possession to partnership with Endeavour Group. The proceeds will be used for strategic investments and general firm purposes.”
Following the sale, Woolworths Group will retain a 9.1% curiosity in Endeavour Group and has no present intention to undertake a additional selldown within the short to medium term.
Endeavour Group stays an important partner of Woolworths Group with a vary of long-term partnership agreements in place. These include the provision of provide chain options through Primary Connect; a joint meals and liquor offer through co-located BWS shops and online; payment services provided by WPay; and BWS a key partner as a half of Everyday Rewards. These partnerships stay on foot, with no connection to Woolworths Group’s possession curiosity in Endeavour Group.
Woolworths Group Limited is an Australian trans-Tasman retailer headquartered in Bella Vista, Sydney, with extensive operations all through Australia and New Zealand. It is the largest firm in Australia by income and the second-largest in New Zealand.
Endeavour Group Ltd is an Australian alcoholic drinks retailer, hotel operator, and poker machine operator that was spun off from Woolworths Group in 2021.