Woolworths has announced that the Competition Tribunal has approved the acquisition of Absolute Pets in South Africa.
In October 2023, Woolworths Holdings Limited (WHL) announced its intention to acquire 93.45% of the shares in privately-owned pet retailer Absolute Pets (Pty) Ltd from Sanlam Private Equity and Absolute Pets management.
The South African Competition Tribunal has approved the transaction, which is effective from 1 April 2024.
“The acquisition of Absolute Pets accelerates Woolworths’ pet strategy by bringing together two strategically aligned businesses and positions the Group to lead as the end-to-end pet care destination of choice in South Africa,”
the Group said.
“We welcome the approval by the Competition Tribunal,” said Roy Bagattini, WHL Group CEO. “Pet care is a fast-growing business and important to Woolies customers.
In addition to WPet (the Group’s existing pet care business), Absolute Pets will form part of Woolworths Ventures, a newly created internal unit focused on accelerating and delivering on the full potential of various strategic growth initiatives across the business.
Absolute Pets launched in 2005 and now has over 150 stores nationwide, including online, pet spas and pet services.
Woolworths previously communicated that Absolute Pets CEO Stephen Warner and the current management team will continue to lead the brand following the transaction.
Source: Business Tech
