By Mike Cherney
SYDNEY--Australian grocer Woolworths Group Ltd. said it would increase its stake in data-science and analytics firm Quantium for 223 million Australian dollars ($173 million).
Woolworths said the deal would give it a 75% stake in Quantium, up from 47%. The remaining 25% will be retained by Quantium's founders and team members. Woolworths originally acquired a 50% stake in Quantium in 2013 for A$20 million.
Following the transaction, Quantium will become part of Woolworths. The grocer said its partnership with Quantium has informed decisions about prices, product ranges and promotions.
"By working better together, we aim to transform the rapidly evolving retail sector, helping us better service our customers and support our team and supplier partners," said Woolworths Chief Executive Brad Banducci.
The transaction is expected to be competed before the end of fiscal 2021.
Write to Mike Cherney at firstname.lastname@example.org
(END) Dow Jones Newswires
April 19, 2021 19:56 ET (23:56 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.