ACCC says Petstock must sell dozens of stores, vet hospitals and brands to a single buyer
As part of the competition regulator's approval of Woolworths' acquisition of a majority stake in Petstock, the pet supply store has agreed to divest a package of sites and assets.
Australian pet supplier Petstock must sell 41 stores, 25 vet hospitals, four brands and two online retail stores to a single buyer after the ACCC approved supermarket giant Woolworths' acquisition of a controlling stake in the company on Thursday.
Petstock, which is Australia’s second-largest pet supply name behind Greencross, previously offered to divest the assets which were acquired without informing the ACCC, leading to competition concerns.
It must sell the assets to an ACCC-approved buyer and it also needs the competition regulator's approval once it considers a suitable buyer has been found, an ACCC spokesperson told Capital Brief.
While the price of the assets is subject to commercial agreement, if the businesses are not sold within a certain confidential timeframe, Petstock must hire an agent to sell the assets with no minimum price.
