Login
Woolworths buys online marketplace for $243m
Online marketplace MyDeal.com.au has been acquired by Woolworths by way of a scheme of arrangement, in a deal worth $243 million.
Lauren Croft
Firm: Maddocks (MyDeal.com.au Limited)
To continue reading the rest of this article, please log in.
Create free account to get unlimited news articles and more!
Deal: Maddocks has advised ASX-listed MyDeal.com.au Limited on its $243 million sale to Woolworths Group Limited.
Value: $243 million
Area: Merger and acquisition
Key players: The Maddocks team was co-led by corporate partners Catherine Merity and Ron Smooker and supported by special counsel Erin Hourigan and Rosamond Sayer, senior associate Jacqueline Picone and lawyers Olivia Smedley and Hugo Vlachos.
Deal significance: Under the transaction, Woolworths acquired 80.2 per cent of the shares in MyDeal following approvals from MyDeal’s shareholders, the Supreme Court of NSW and regulators. The balance of MyDeal will be retained by certain members of the MyDeal senior management team.
Commenting on the MyDeal transaction, Ms Merity said: “MyDeal has been a client of Maddocks for the last two years after we first assisted with its listing on the ASX. It’s very pleasing to see MyDeal reach this next stage following the Woolworths acquisition.”
Mr Smooker said: “The MyDeal transaction was a good example of Maddocks’ ability to nurture long-term relationships and execute on technically complex deals.”
