Coles Group ended discussions with private equity firm TPG Capital regarding the acquisition of Greencross Pet Wellness Company.
The potential transaction carried a reported valuation of $4 billion. This deal would have granted Coles control over the Petbarn retail chain and a large network of veterinary clinics.
Coles cited a disciplined approach to acquisitions for its decision to withdraw. The company halted the process after beginning due diligence in early July 2026.
The move follows the recent closure of Swaggle, Coles’ dedicated online pet business. This decision limits Coles’ ability to diversify earnings and compete with Woolworths in the pet care sector.