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Woolworths has announced its plan to totally quit Endeavour Group, which owns popular booze store chains Dan Murphy's and BWS.
Australian retail giant Woolworths has decided to fully exit Endeavour Group, the owner of popular liquor store chains Dan Murphy’s and BWS.
This move comes approximately three years after Woolworths spun off Endeavour, marking the end of a long-standing relationship between the two companies.
Woolworths has agreed to sell its remaining 4.1% stake in Endeavour Group via a block trade at A$5.23 per share, generating A$383 million (approximately $258.75 million).
The sale continues Woolworths’ gradual divestment from Endeavour, which began with the 2019 merger of Woolworths’ hospitality and liquor operations into a single entity, initially named Endeavour Drinks.
Woolworths has been reducing its stake in Endeavour over the past five years. In 2022, the company sold a stake worth A$636 million, followed by another 5% stake sold for A$468 million in May 2024.
The proceeds from the latest sale will fund Woolworths’ acquisition of the remaining 35% stake in PFD Food Services, a strategic move designed to strengthen its core business operations.
The market reacted to the news, with Endeavour’s shares dropping by as much as 2.4% to A$5.21, while Woolworths’ shares saw a modest increase of 0.5%. However, the decision has raised questions among investors.
Ben Williamson, co-founder and co-CEO of trading platform InvestorHub, emphasized the need for Woolworths to provide a clearer explanation of the rationale behind the sale and the use of the proceeds to acquire PFD Food Services.
He highlighted the importance of ensuring that shareholders are well-informed and have the opportunity to voice their concerns.
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