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Woolworths goes up against Amazon, Kogan with $250m MyDeal acquisition

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Woolworths has bought an 80 per cent stake in online marketplace MyDeal as it looks to compete with the likes of Kogan, Amazon and Catch.

Major supermarket operator Woolworths is looking to compete with the likes of Kogan, Amazon and Catch via a $250 million acquisition of fellow ASX-listed online marketplace MyDeal.

Woolworths says the acquisition would be a particular benefit to the company’s Big W department store, which already sells many similar products to MyDeal. Woolworths chief executive Brad Banducci said the tie-up would complement Woolworths’ broader ‘food and everyday needs’ ecosystem strategy and would be a particular benefit to the company’s Big W department store, which already sells many similar products to MyDeal.

Senvirtne currently owns just under half of MyDeal and has supported the bid alongside the company’s board, meaning the deal will almost certainly get shareholder approval, though it will still require a tick from the competition regulator.“The transaction is a highly attractive proposition for MyDeal shareholders and represents a significant premium to MyDeal’s share price,” he said.

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