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JSE-listed firm, Woolworths, is set to acquire a 93.45% stake in Absolute Pets, a leading pet care retailer in South Africa’s rapidly growing pet care market valued at over R7 billion. The acquisition is part of Woolworths’ pet strategy and is expected to establish the company as an end-to-end pet care destination. Following the transaction, Woolworths plans to purchase the remaining shares from Sanlam Private Equity and the retailer’s management.
The acquisition announcement has led to a 3% rise in Woolworths’ shares, contributing to an overall 11% gain over the past 12 months. The company, valued at R69 billion, will continue to operate Absolute Pets under its current name after the acquisition.
Absolute Pets operates more than 150 stores nationwide and offers pet spas and online retailing services. Its management team will remain post-acquisition. The cash-settled purchase is pending approval by competition authorities and is subject to other regulatory and commercial conditions.
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