Former Smart50 finalist MyDeal acquired by Woolworths in $243 million deal

Supermarket giant Woolworths plans to acquire 80% of ASX-listed online marketplace MyDeal in a deal that values the 10-year-old company at $243 million.

MyDeal was founded in 2012 by Sean Senvirtne, who bootstrapped the business in its early years and grew it into one of Australia’s leading retail marketplaces. Senvirtne will retain a 20% shareholding in the business, which will be de-listed from the ASX, and continue to lead the business under its new owners.

MyDeal listed on the ASX back in October 2020 at $1 a share. The Woolworths deal is based on an offer price of $1.05 a share, via a scheme of arrangement, which compares to the company’s most recent price of 65 cents.

MyDeal specialises in furniture, homewares and everyday products, offering more than 6 million products from around 1900 sellers.