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Woolworths Buys MyDeal, Takes On Kogan, Catch

Woolworths Group has announced it will buy 80 per cent of online retailer MyDeal, taking on the likes of Kogan, Amazon and Catch in the e-tailer game.

MyDeal’s shares have soared this morning, up 55.81 per cent at 10:50am, Friday. Woolies shares are up a moderate 0.8 per cent.

Woolies has offered an all-cash consideration of $1.05 per share, an addition of 62.8 per cent to yesterday’s closing price of 65c per share.

The total value of the deal is $242.6 million, thereby valuing the entire company at $271.8 million.

Sean Senvirtne, the founder and CEO of MyDeal, and other “key management personnel” will retain a significant minority shareholding and will continue to lead the business.

MyDeal’s board has recommended its holders vote in favour of the deal.

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