The Australian supermarket chain, Woolworths Group Ltd., has confirmed that it has entered into an agreement to sell a 5.0% stake of Endeavour Group. The sale, conducted via a block trade, was executed at a rate of A$5.22 per share, thereby amassing total proceeds of A$468 million.
Through this transaction, Woolworths Group's shareholding in Endeavour Group has been reduced to roughly 4.1%. The company has pledged to hold on to its remaining shares in Endeavour Group for a minimum timeframe of 60 days. This commitment, however, is subject to the usual exceptions.
The proceeds from the transaction are earmarked by Woolworths Group for the purpose of returning capital to its shareholders.
