Ashurst helps Australian supermarkets giant on billion-dollar buyback

Woolworths Group has tapped Ashurst to be its legal adviser as the Australian supermarkets giant returns money to shareholders following the sale of its petrol business.

Ashurst is advising the company on its $1.7bn off-market share buyback. The deal is part of sound capital management initiatives at Woolworths, which is a priority for the company’s board, the global law firm said.

The board, after considering several options for capital return to shareholders, determined that the buyback would be the most efficient and value-enhancing mechanism to distribute Woolworths’ extra capital and franking credits, Ashurst said.

Partner Sarah Dulhunty heads the Ashurst team. She is supported by senior associate Simon Vose and associate Diana Oh. The matter’s US securities law aspects are handled by partner Stuart Rubin.