Woolworths will buy New Zealand direct retailer EziBuy in a $350 million deal. 
The Australia and New Zealand retail group announced the deal, which is subject to approval from the Overseas Investment Office, in a statement to the ASX.
EziBuy sells clothing and homewares direct to customers and 68 per cent of its sales are in Australia. Woolworths CEO Grant O’Brien says the acquisition will help its development as a multi-option retailer.
“We believe the combination of our retail network, EziBuy’s direct selling expertise and our respective loyal customer bases is a winning formula for us,” he said.
Set up in Palmerston North in 1978, EziBuy developed its catalogue-based business and now serves around 600,000 customers each year.
EziBuy CEO Simon West said the backing of Woolworths would help it achieve its next phase of growth but added it would stick to the formula that had served it well.
“The success of EziBuy to date has been about providing our customers with great service, convenience, quality fashion and homewares, and value for money. This remains our priority,” he said.
AAP
