Woolworths has signed a deal to acquire around 150 Absolute Pets stores.
Woolworths has ambitions to become the number one player in the local pet care industry through its acquisition of Absolute Pets. Even as it struggles with declining volumes in its core business in SA, the JSE-listed retailer said it plans to spend to bulk up in this lucrative segment.
The group, which is financing the acquisition of its 94% interest in Absolute Pets with cash, said in an interim results presentation that, in addition, it is also allocating some of the R10 billion it plans to invest in all its local operations.
The acquisition of Absolute Pets, SA’s largest specialist pet product chain, was announced late last year, and is still subject to the fulfillment of both regulatory and commercial suspensive conditions, including approval from the authorities in SA competition. In response to questions from News24, Woolworths said, however, it was in the “final stages of completing the deal”, the value of which was being kept confidential.
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