Woolworths Limited
In 1985 Woolworths Limited successfully acquired the Australian subsidiary of Safeway, Inc. In the agreement, Woolworths Limited acquired all of the Safeway stores and the naming rights in exchange for a 19.99% equity interest in Woolworths Limited. The purchase included 126 stores in Victoria, New South Wales and Queensland. Bill Pratt, the chairman and managing director of Australian Safeway Pty Ltd, and Peter Magowan, the chairman and chief executive officer of Safeway Inc., were also appointed to the Woolworths board of directors. The annual profit of Woolworths Limited rose from $8 million to $136 million in two years as they served 10 million customers.