Warehouse buys majority stake in online retailer Torpedo7 for up to $33M

Sun, 03 Mar 2013

March 4 (BusinessDesk) - Warehouse Group, which reports its first-half profit this week, will spend up to $33 million buying online retailer Torpedo7, just months after buying consumer electronics chain Noel Leeming Group. The country's biggest listed retailer will pay $20 million upon settlement, and up to a further $13 million over the next three years if earn-out targets are met, for a 51 percent stake in Torpedo7, it said in a statement. The online retailer operates the Torpedo7, 1-day and Urban Daddy websites across Australia, and will...

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