Market-leading food giant Oliver’s Market has signed a deal to acquire more than 70% shares of the popular market food giant Coopers Whampoa.
Oliver’s Market said it expects the deal to close by the end of the month.
Coopers Whampsoa, a leading supermarket chain, is a unit of US-based Coopers Group.
It is a private-equity firm with a $12.5 billion (£8.4bn) market cap.
Coopers Group said it would take a $2bn charge, or $1.7bn in cash, to acquire the 70% stake.
Cooper’s Whampoos assets include the company’s flagship stores in Sydney and Melbourne.
The company is also building new supermarkets in New Zealand, Australia and the United States.
Copps Whampos shares have risen by about 25% since the deal was announced.
Last year, Oliver’s Markets said it expected to make $2 billion in profit on the sale of the CoopersWhampoa stake.
Its shares closed at $2,320, down 5.2% on the day.