The Australian supermarket giant Woolworths Group is on course to sell a 5.5 per cent in Endeavour Group $636M.
Woolworths spun off Endeavour Group – its then drinks and hotels business – in mid-2021 and the company has since grown strongly on its own. After the sale, Woolworths will retain just 9.1 per cent of the business.
The Woolworths Group CEO Brad Banducci said: “The proceeds will be used for strategic investments and general corporate purposes.” Banducci also said Woolworths had no intention of reducing its stake further “in the short to medium term”.
