WOOLWORTHS HOLDINGS LIMITED - Voluntary Announcement: Acquisition of Absolute Pets

Voluntary Announcement: Acquisition of Absolute Pets

Woolworths Holdings Limited
(Incorporated in the Republic of South Africa)
Registration number 1929/001986/06
LEI: 37890095421E07184E97
Share code: WHL
Share ISIN: ZAE000063863
Bond Company code: WHLI
('WHL')


VOLUNTARY ANNOUNCEMENT: ACQUISITION OF ABSOLUTE PETS

INTRODUCTION
WHL announced today its intention to acquire 93.45% of the shares in privately-owned pet retailer
Absolute Pets (Proprietary) Limited ('Absolute Pets'), from Sanlam Private Equity and Absolute Pets
management ('the Transaction'). The remaining management-retained shareholding will be acquired
by WHL over an agreed period, post the completion of the Transaction. Absolute Pets was established
in 2005 and has become South Africa's leading specialist pet care retailer, with over 150 stores
nationwide.

RATIONALE
Pet care is an attractive and rapidly-developing market, with substantial growth potential. It is also an
increasingly important category for Woolworths customers, who consider their pets an integral part
of their families. Absolute Pets has a complementary brand positioning, a well-established market
presence, and is led by a strong management team. The acquisition of Absolute Pets will accelerate
Woolworths' pet strategy by bringing together two strategically-aligned businesses, and position the
Woolworths group well to become the end-to-end pet care destination of choice in South Africa.

The existing Absolute Pets management team will continue to lead and operate the business under
the Absolute Pets brand, with the full benefit and support that being part of the Woolworths group
provides.

TERMS
The purchase consideration will be settled in cash, and the conclusion of the Transaction is subject to
the fulfilment of both regulatory and commercial suspensive conditions customary for a transaction
of this nature, including the approval by the competition authorities of South Africa. The Transaction
falls below the threshold for categorisation in terms of the JSE Limited Listings Requirements, and
therefore, this announcement is made voluntarily.

Cape Town
31 October 2023

Financial Advisor
Translink Corporate Finance

Transactional Services Advisor
Deloitte South Africa

Legal Advisor
Webber Wentzel

Equity Sponsor and Debt Sponsor
Investec Bank Limited

Date: 31-10-2023 07:15:00
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