Woolworths

Last week Woolworths announced it had sold its Dick Smith Electronics business for $20m to private equity group Anchorage Capital Partners for less than one times adjusted earnings before interest and tax (EBIT). Woolworths also retained a right to share in any upside should Anchorage flip Dick Smith for a profit. For Woolworths this sale is of little consequence, as Dick Smith represented less than 1% of group EBIT. Despite the nominal sale price, ridding itself of the poor performing business was a sensible move. Dick Smith has been besieged by price deflation and increased competition, and now management...

Last week Woolworths announced it had sold its Dick Smith Electronics business for $20m to private equity group Anchorage Capital Partners for less than one times adjusted earnings before interest and tax (EBIT). Woolworths also retained a right to share in any upside should Anchorage flip Dick Smith for a profit.

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