South Africa’s anti-trust regulator gives green light to acquisition of Absolute Pets
The South African Competition Tribunal has approved Woolworths’ procurement of the specialist pet product company effective 1 April 2024.
Woolworths Holdings Limited, which announced the acquisition of a 93.45% stake in the Cape Town-based pet retailer in October 2023, notes in a statement that the pet care segment is “rapidly developing” with “substantial growth potential.”
It adds that the acquisition of Absolute Pets will strengthen its pet strategy by merging it with WPets, its existing pet business.
Both pet businesses will form part of Woolworths Ventures, a newly created internal unit focussed on accelerating “various strategic growth initiatives” across the company.
“We welcome the approval by the Competition Tribunal,” says Roy Bagattini, CEO at Woolworths Holdings Limited (WHL). “Pet care is a fast-growing business and is also important to Woolies customers.”
Bagattini adds that the company looks forward to delivering on the “opportunities this partnership will provide, through even more exceptional quality products and service, to even more customers.”
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