Wesfarmers has formally entered a request to acquire Catch Group Holdings Limited for $230 million.
The announcement was made on ASX, noting that Catch would remain an independent unit, but will have oversight of Kmart Group Managing Director, Ian Bailey.
Catch Group is one of Australia’s leading e-commerce platforms. It was established in 2006 by Gabby and Hezi Leibovich, also making it one of the oldest online retailers in Australia.
“This acquisition represents an opportunity to accelerate Wesfarmers and Kmart Group’s digital and e-commerce capabilities whilst continuing to invest in the unique customer and supplier proposition provided by Catch Group,” said Wesfarmers’ Managing Director, Rob Scott.
Wesfarmers, the Perth-located conglomerate, is one of Australia’s largest listed companies, and is the parent company for Kmart and Target, holding a 15 per cent interest in Coles Group Limited, 50 per cent of flybuys, and many others.
Ian Bailey suggested that Wesfarmers would leverage the data insights from Catch’s tech platform to boost other retail opportunities within the Wesfarmers realm. “We are excited to work with the Catch team and look forward to leveraging our capabilities to grow the business and accelerate the customer-driven, omnichannel initiatives across Kmart and Target,” Mr Bailey said.
At the time of the announcement, Wesfarmers’ stock price sits at $38.76 +0.20 (+0.52%).
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