The Woolworths Group Ltd (ASX: WOW) share price is in the green on Friday after the company announced its intent to acquire ASX-listed online marketplace operator MyDeal.com.au Ltd (ASX: MYD).
It comes as the broader market shakes off some of its Thursday losses.
At the time of writing, the Woolworths share price is $35.37, 0.54% higher than its previous close.
For comparison, the S&P/ASX 200 Index (ASX: XJO) is up 1.05% right now. Meanwhile the S&P/ASX 200 Consumer Staples Index (ASX: XSJ) is 0.32% higher.
Let's take a closer look at what's going on with the supermarket giant on Friday.
Woolworths share price rises on Friday
The Woolworths share price is lifting after the company announced its plan to acquire an 80% stake in MyDeal for around $218 million.
It has offered to purchase shares in the online retailer for $1.05 apiece, The Motley Fool Australia reported this morning.
That represents a premium of nearly 63% on the MyDeal share price's previous close.
Meanwhile, the ASX 200 and the consumer staples sector are shaking off yesterday's losses. They dumped 1.65% and 3.71% respectively on Thursday as warning bells sounded for retailers in the US.
Interestingly, today's recovery follows an extension of Wall Street's losses overnight.
It might have been spurred by expectations restrictions in Shanghai – where most of China's current COVID-19 outbreak is housed – could soon ease, the Australian Financial Review reports.
That's good news for the global market. Fewer restrictions in the region could help bolster economic growth.
China's unemployment rate reached 6.1% and its total retail sales slumped 11.1% as the nation suffered through lockdowns last month, the National Bureau of Statistics of China announced earlier this week.
