The acquisition of Absolute Pets by Woolworths has been approved by the Competition Tribunal. Photo: Supplied
PETS PARENTS
The Competition Tribunal has given the green light for the acquisition of Absolute Pets by Woolworths.
Last October, Woolworths Holdings Limited 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 Competition Tribunal has approved the transaction, which is effective from April 1, 2024.
Pet care is a rapidly developing market with substantial growth potential.
According to the retailer, 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.
Roy Bagattini, chief executive officer of the WHL Group, said: “We welcome the approval by the Competition Tribunal. Pet care is a fast growing business and is also important to Woolies customers.”
“Woolies pet parents see their pets as integral family members and our teams are excited to get to work on delivering on the opportunities this partnership will provide, through even more exceptional quality products, and service, to even more customers,” Bagattini said.
Absolute Pets, in addition to WPet, the existing pet care business of Woolworths, will form part of Woolworths Ventures.
Woolworths Ventures is a newly created internal unit that is focussed on accelerating and delivering on the full potential of various strategic growth initiatives across the business.
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