Woolworths sells Dick Smith chain to buyout firm Anchorage Capital for A$20M

Wed, 26 Sep 2012

By Paul McBeth Sept 27 (BusinessDesk) - Australian supermarket operator Woolworths has sold its Dick Smith consumer electronics chain for A$20 million to private equity firm Anchorage Capital Partners. The Sydney-based retailer expects to complete the deal this year and receive initial cash proceeds in the 2013 financial year with possible earn-outs from the future sale of the chain, the company said in a statement. Woolworths took a A$420 million restructuring provision to divest Dick Smith this year, and won't face any future downside, it...

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