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 ».
