Woolworths sells $636m stake in Endeavour

Woolworths has sold 5.5 per cent of the issued capital of Endeavour Group via a block trade at $6.46 per share, retaining a 9.1 per cent interest in Endeavour and saying it 'has no intention to undertake a further selldown in the short to medium term".

Woolworths Group CEO, Brad Banducci said, "Our decision to reduce our stake comes after a successful transition from ownership to partnership with Endeavour Group. The proceeds will be used for strategic investments and general corporate purposes."

The long term partnerships between Endeavour and Woolworths remain in place, including the provision of supply chain, join liquor and food offerings through co-located BWS stores and online, payment services provided by WPay and BWS as a key partner of Everyday Rewards.

Endeavour's shares dropped 4.3 per cent to $6.41 after the sale, while Woolworths shares lifted to $34.15 on the back of the news.

On Thursday, Woolworths confirmed it had moved into the pet world, paying $586 million for a 55 per cent stake of Petspiration Group.