Woolworths Group Limited (ASX:WOW) agreed to spinoff unknown stake in Endeavour Group Limited on May 10, 2021. Pursuant to the terms of spinoff, Woolworths Group Limited will distribute the shares of Endeavour Group Limited to its shareholders and as a result the demerger will create two independent and leading ASX-listed companies. Woolworths Group shareholders will retain all their existing Woolworths Group shares. Eligible shareholders will receive one new Endeavour Group share for every Woolworths Group share held at the demerger record date. The record date of spinoff is June 25, 2021. Woolworths Group Limited and Bruce Mathieson Group will retain a 14.6% each after the completion of the transaction. Endeavour Group reported sales of AUD 10.6 billion, EBIT of AUD 693 million in financial year 2020.

Holly Kramer, Bruce Mathieson Sr, Duncan Makeig, Joe Pollard, Colin Storrie, and Catherine West have been appointed as Non-Executive Directors-Elect to the Endeavour Group Board. The Directors-Elect will join fellow Board members Peter Hearl, Chairman-Elect, Steve Donohue and Shane Gannon has been appointed Chief Financial Officer. All Board appointments will be effective on demerger, subject to approval of the demerger by the Woolworths Group Board and shareholders. Woolworths Group's directors unanimously recommend that shareholders vote in favour of the proposed demerger resolutions and all directors intend to vote their own shares in favour of the demerger. Meeting Resolutions of Woolworths Group Limited shareholders to be considered at the General Meeting on June 18, 2021. On June 18, 2021, Shareholders of Woolworths approved the transaction. An Independent Expert appointed by Woolworths Group, Grant Samuel, has also concluded that the demerger is in the best interests of shareholders. Separation expected to take place on June 28, 2021, with final implementation steps expected to be completed by July 1, 2021. The transaction is seen as a value-accretive path to separation for shareholders of Woolworths Group.

Deloitte Touche Tohmatsu Australia acted as accountant; Deloitte Corporate Finance Pty Limited, Citigroup Global Markets Australia Pty Limited, Jarden Australia Pty Limited, and Grant Samuel Group Limited acted as financial advisors; Ashurst Australia acted as legal advisor; and Link Market Services Limited, Asset Management Arm acted as registrar to Woolworths Group Limited.

Woolworths Group Limited (ASX:WOW) completed the spinoff unknown stake in Endeavour Group Limited (ASX:EDV) on June 24, 2021. Post completion, Endeavour Group listed in Australia Stock market.