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Woolworths subsidiary to buy Witchery for AUD172m

1 Aug 2012

Retailer Woolworths Holdings (WHL) announced on Wednesday, 1 August 2012, that its indirectly-held subsidiary‚ Country Road‚ has entered into an agreement to acquire the Witchery Group from Gresham Private Equity for A$172m. Witchery is one of Australia's leading fashion brands.

The deal is expected to deliver synergies of approximately A$10m an annualised basis‚ to be achieved over four years‚ Woolworths said.

The transaction will be funded through a combination of acquisition debt of A$92m‚ raised from Australian banks with no recourse to South Africa‚ and a renounceable rights issue by Country Road to raise up to A$92m of new equity. Country Road is listed in Australia.

Source: I-Net Bridge

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