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Woolworths buys online marketplace for $243m
Online marketplace MyDeal.com.au has been acquired by Woolworths by way of a scheme of arrangement, in a deal worth $243 million.
Lauren Croft
Firm: Maddocks (MyDeal.com.au Limited)
Value: $243 million
Area: Merger and acquisition
Key players: The Maddocks team was co-led by corporate partners Catherine Merity and Ron Smooker and supported by special counsel Erin Hourigan and Rosamond Sayer, senior associate Jacqueline Picone and lawyers Olivia Smedley and Hugo Vlachos.
Deal significance: Under the transaction, Woolworths acquired 80.2 per cent of the shares in MyDeal following approvals from MyDeal’s shareholders, the Supreme Court of NSW and regulators. The balance of MyDeal will be retained by certain members of the MyDeal senior management team.
Commenting on the MyDeal transaction, Ms Merity said: “MyDeal has been a client of Maddocks for the last two years after we first assisted with its listing on the ASX. It’s very pleasing to see MyDeal reach this next stage following the Woolworths acquisition.”
Mr Smooker said: “The MyDeal transaction was a good example of Maddocks’ ability to nurture long-term relationships and execute on technically complex deals.”
Lauren Croft
Lauren is a journalist at Lawyers Weekly and graduated with a Bachelor of Journalism from Macleay College. Prior to joining Lawyers Weekly, she worked as a trade journalist for media and travel industry publications and Travel Weekly. Originally born in England, Lauren enjoys trying new bars and restaurants, attending music festivals and travelling. She is also a keen snowboarder and pre-pandemic, spent a season living in a French ski resort.
