Woolworths Limited (ASX:WOW) has offloaded its Dick Smith electronics arm to private equity firm Anchorage Capital Partners for $20 million.
The conglomerate says it signed a share sale agreement for 100 per cent of Dick Smith, which comprises 325 stores and over 4,500 employees.
CEO Grant O’brien announced in January this year that Woolworths intended to exit Dick Smith via a restructure and divestment process.
Woolworths will have no further downside exposure to the ongoing business of Dick Smith, although it will potentially benefit from any upside resulting from the future sale of Dick Smith by anchorage.
Woolworths annual net profit fell 14.5 per cent to $1.8 billion in fiscal 2012.
