Woolworths Group is set to acquire a 55 per cent stake in PetStock, following clearance from the Commerce Commission.
PetStock sells a range of pet products including pet food, accessories and health products and offers advice and related services pertaining to veterinary, pet grooming, water testing and training.
The commission’s investigation has resolved the acquisition is “unlikely to substantially lessen the competition” in any New Zealand market.
“Our investigation found that Woolworths and Petstock do not compete closely in the retail supply of pet products and will continue to be constrained by several other established competitors in all relevant local areas, including online retailers,” said Dr John Small, Commerce Commission chair.
He added the merged entity is “unlikely” to be able to significantly increase prices or engage in anticompetitive behaviour.
PetStock New Zealand’s subsidiary operates 15 physical stores and websites such as Petstock.co.nz, Pet.co.nz and Petpost.co.nz.
- Further reading: Old dog, new tricks: Why Woolies invested in PetStock
