The total value of the acquisition deal is expected to come to an enterprise value of AU$243 million.
Australian retail group Woolworths has announced plans to expand its online retail presence by purchasing an 80% stake in online marketplace MyDeal for an enterprise value worth approximately AU$243 million. Under the deal, Woolworths is offering MyDeal shareholders AU$1.05 per share in cash and for MyDeal to be de-listed from the Australian Securities Exchange. Meanwhile, MyDeal founder and CEO Sean Senvirtne along with other key management shareholders will retain, approximately, a 20% interest in the business. They will also continue to retain their position following the completion of the deal to “lead the business through its next phase of growth in partnership with Woolworths Group”.
