(Updates with further details and background from paragraph 2)
May 1 (Reuters) - Australian retailer Woolworths (WOW) on Wednesday said it was selling a 5% stake in Endeavour Group (EDV) , which operates liquor stores and pubs, generating proceeds of A$468 million ($302.98 million).
The sale will happen via a block trade at a price of A$5.22 per share, Australia's largest supermarket operator said, adding that it would now own about 4.1% of Endeavour, which it spun out as a separate company in 2021.
Woolworths said it would use the proceeds from the selldown to return capital to its investors and would provide an update at its full-year results on Aug. 28.
"We no longer believe that a material equity investment in Endeavour Group is required," Woolworths' outgoing CEO Brad Banducci said in a statement. ($1 = 1.5446 Australian dollars)
News: WOW UPDATE 1-Australian retailer Woolworths to sell $303 mln stake in Endeavour Group
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