The Australian Competition and Consumer Commission (ACCC) has announced it does not oppose Woolworths ’ proposed acquisition of MyDeal , following an extensive review to prevent monopole in the industry. The competition regulator concluded that the two businesses are not particularly close competitors, and the acquisition will not substantially decrease competition in any of the relevant markets.

The regulator also concluded that it is unlikely for the purchase to leverage Woolworths ’retail position into MyDeal’s online sales marketplace. According to ACCC, the proposed acquisition isn’t set to reduce online marketplace options for third-party sellers, as Woolworths and MyDeal will continue to compete with other online marketplaces, driving Australians’ best interest and promoting a healthy rivalry to lead to improved services and a superior customer experience. Woolworths acquires MyDeal In May 2022, supermarket giant Woolworths mentioned it plans to acquire 80% of ASX-listed online marketplace MyDeal, valued at AUD 243 million.

Founded in 2012, MyDeal will be de-listed from ASX stock exchange market and continue to perform business under its new owners, with previous founder Sean Senvirtne holding the rest of 20%. MyDeal was first listed on the ASX in October 2020 at AUD 1 per share, while Woolworths’ deal is based on an offer price of AUD 1. 05 per share.

MyDeal’s marketplace focuses on selling furniture, homewares, and every-day products, offering over 6 million items from around 1,900 sellers. The online platform counts for over 1 million active customers. About Woolworths Woolworths is an Australian chain of supermarkets and grocery stores owned by Woolworths Group.

It was founded nearly a century ago, in 1924, and is today’s the country’s biggest and most popular supermarket chain, counting for a market share of over 33%. It currently has over 1,000 locations nation-wide and employed more than 225,000 people. During the COVID-19 pandemic which forced Australians to enter one of the world’s harshest lockdowns, Woolworths has expanded its online shopping platform, providing millions of products for sale, as well as unlimited free delivery for less than AUD 10 per month.

By acquiring New Deal, Woolworths will now expand its categories of products sold, introducing to its online and offline customers to furniture and homeware deals. .