Woolworths Group Limited (ASX:WOW) entered into an agreement to acquire to acquire 55% stake in Petspiration Group from Auctus Investment Group Limited (ASX:AVC) and others for approximately AUD 1.3 billion on December 15, 2022. The consideration comprises of cash of AUD 586 million and net debt assumption of AUD 670 million. Woolworths will fund the acquisition from proceeds realised from sale of minority stake in Endeavour Group.

Shane and David Young to remain as Chief Executive Officer and Managing Director. The transaction is subjected to customary closing conditions including ACCC and NZCC. The transaction is expected to complete in mid calendar 2023.

As of January 24, 2023, The Australian Competition and Consumer Commission is currently reviewing the proposed acquisition and raised 16 separate questions which are need to submit by February 14, 2023. As of February 8, 2023, The Commerce Commission has received a clearance application from Woolworths Group Limited with regards this acquisition. As on February 27, 2023, The Commerce Commission is currently scheduled to make a decision on the application by April 3, 2023.

However, this date may be extended as the investigation progresses. As on April 28, 2023, The Commerce Commission granted clearance for Woolworths Group to acquire 55% of the shares in PETstock.