SYDNEY: Australian supermarket company Woolworths Group is selling a $A636 million stake in Endeavour Group in a block trade on Tuesday, based on a term sheet seen by Reuters. Woolworths declined to comment on the sale.

Endeavour did not immediately respond to a request for comment. Endeavour is an alcohol retailer, hotels and poker machine operator that was spun out of Woolworths in 2021.

A minimum price of A$6.46 has been put in place for the trade, the term sheet showed, which is a 3.6% discount to Endeavour’s closing price of A$6.70 on Tuesday.

Final pricing for the stock is due to be fixed before Endeavour shares start trading on Wednesday.