Woolworths will sell a 5% stake in Endeavour via a block trade. Credit: ArliftAtoz2205 via Shutterstock.com.

Australian supermarket chain Woolworths has entered an agreement to sell a 5% stake in the Endeavour Group, which it spun out as a separate company in 2021.  

The transaction will be conducted through a block trade for $5.22 per share, resulting in proceeds of approximately A$468m ($302.84m).  

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The identity of the buyers has not been disclosed by Woolworths. 

Following completion of the sale, Woolworths’ shareholding in Endeavour will reduce to 4.1%.  

The retailer commits to retain its remaining shares for at least 60 days, with certain customary exceptions in place. 

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The proceeds from the sale are earmarked for returning capital to shareholders, with further details to be provided during the group’s full-year 2024 results announcement in August.  

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Woolworths Group CEO Brad Banducci said: “While Woolworths Group and Endeavour Group remain important business partners, with a number of long-term partnership agreements in place, we no longer believe that a material equity investment in Endeavour Group is required as Endeavour Group approaches its third anniversary as an independent listed company. 

“As a result, we have decided to reduce our stake below 5% to use the proceeds to return capital to shareholders. We currently have no intention to sell the remaining stake, but will continue to assess what we believe is in the best interests of Woolworths Group shareholders.” 

Woolworths has given assurances that it does not have any undisclosed information that could materially affect Endeavour’s security prices.  

The block deal is being managed by investment and advisory group Jarden, according to reports from Reuters.

In March 2024, Woolworths officially rebranded its Countdown operations in New Zealand.