Woolworths to buy 55% stake in Petspiration

Woolworths said it would fund the Petspiration deal with proceeds raised from a recent 5.5% stake sale in alcohol retailer Endeavour Group. — Reuters

SYDNEY: Australian supermarket chain Woolworths Group Ltd will acquire a 55% stake in pet food and services retailer Petspiration Group for A$586mil (US$402mil or RM1.8bil) in cash.

Petspiration is the owner and operator of retail brand PETstock, and has a network of 276 stores across Australia and New Zealand.