Woolworths has agreed to divest its remaining 4.1 per cent stake in Endeavour Group, generating proceeds of $383 million.
The company intends to use the proceeds to fund the acquisition of the remaining 35 per cent in PFD Food Services Pty Limited.
Woolworths sold a 5 per cent stake in Endeavour Group in May, which generated proceeds of $468 million.
Brad Banducci, CEO of Woolworths Group, at the time stated that they have no intention to sell the remaining stake but will continue to assess what is in the best interest of Woolworths Group shareholders.
“While Woolworths Group and Endeavour Group remain important business partners, with a number of long-term partnership agreements in place, we no longer believe that a material equity investment in Endeavour Group is required as Endeavour Group approaches its three-year anniversary as an independent listed company.”
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