The deal provides MyDeal with access to Woolworths' capabilities to support its continued growth
Maddocks has advised online retail store MyDeal.com.au Limited (MyDeal) on its $243m sale to supermarket operator Woolworths Group Limited (Woolworths).
Under the transaction, Woolworths acquired 80.2% of the share capital of MyDeal via a scheme of arrangement for cash consideration of $1.05 per share following approvals from MyDeal shareholders, the Supreme Court of New South Wales, and regulators.
Moreover, the deal allows MyDeal founder and CEO Sean Senvirtne, along with other key management shareholders, to retain the remaining stake in MyDeal, and together with the existing management team to continue to lead the business through its next phase of growth in partnership with Woolworths.
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According to Woolworths, the acquisition enhances the company’s marketplace capabilities, particularly in furniture, homewares and other bulky goods. It also provides MyDeal with access to Woolworths’ platforms and capabilities to support its continued growth.
“The MyDeal team is excited by the opportunity to partner with Woolworths Group,” Senvirtne said. “It will help support the growth of our retail platform by accessing Woolworths Group’s capabilities across e-commerce, supply chain, retail, loyalty and more.”
Corporate partners Catherine Merity and Ron Smooker led the Maddocks team on the transaction. They were assisted by special counsel Erin Hourigan and Rosamond Sayer, senior associate Jacqueline Picone and lawyers Olivia Smedley and Hugo Vlachos.
“MyDeal has been a client of Maddocks for the last two years after we first assisted with its listing on the ASX,” Merity said. “It’s very pleasing to see MyDeal reach this next stage following the Woolworths acquisition.”
Smooker added, “The MyDeal transaction was a good example of Maddocks’ ability to nurture long-term relationships and execute on technically complex deals.”