SYDNEY, AUSTRALIA: Woolworths Group has agreed to sell 5.5% of the issued capital of Endeavour Group via a block trade at a price of $6.46 per share.
Woolworths Group CEO, Brad Banducci, said: “Our decision to reduce our stake comes after a successful transition from ownership to partnership with Endeavour Group. The proceeds will be used for strategic investments and general corporate purposes.”
Following the sale, Woolworths Group will retain a 9.1% interest in Endeavour Group and has no current intention to undertake a further selldown in the short to medium term.
Endeavour Group remains an important partner of Woolworths Group with a range of long-term partnership agreements in place. These include the provision of supply chain solutions through Primary Connect; a joint food and liquor offer through co-located BWS stores and online; payment services provided by WPay; and BWS a key partner as part of Everyday Rewards. These partnerships remain on foot, with no connection to Woolworths Group’s ownership interest in Endeavour Group.
Woolworths Group Limited is an Australian trans-Tasman retailer headquartered in Bella Vista, Sydney, with extensive operations throughout Australia and New Zealand. It is the largest company in Australia by revenue 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.