Aug 19 (Reuters) - Woolworths Group Ltd WOW.AX :
* ANNOUNCES STRATEGIC INVESTMENT IN PFD FOOD SERVICES
* INTENDS TO EXTEND ITS STRATEGIC PARTNERSHIP WITH PFD FOOD SERVICES BY ACQUIRING A 65% EQUITY INTEREST, WITH SMITH FAMILY RETAINING 35%
* TOTAL PURCHASE PRICE FOR 65% EQUITY INTEREST AND FREEHOLD PROPERTIES OF $552 MILLION (EXCLUDING NET DEBT)
* WILL ALSO BUY 100% OF PFD'S FREEHOLD PROPERTIES WHICH PRIMARILY COMPRISE 26 DISTRIBUTION CENTRES
* WILL ALSO ACQUIRE PFD'S FREEHOLD PROPERTIES
* WILL INITIALLY INVEST $302 MILLION IN PFD TO BUY A 65% EQUITY INTEREST
* INVESTMENT IS EXPECTED TO BE EARNINGS PER SHARE ACCRETIVE IN FIRST FULL YEAR OF OWNERSHIP
* WILL ALSO ACQUIRE PFD'S FREEHOLD DISTRIBUTION CENTRE PROPERTIES FOR $249 MILLION WHICH WILL BE LEASED BACK TO PFD
* PFD WILL OPERATE INDEPENDENTLY UNDER CEO KERRY SMITH
* PURCHASE TO BE FUNDED FROM EXISTING CASH RESERVES & AVAILABLE DEBT FACILITIES; NOT EXPECTED TO AFFECT GROUP'S EXISTING CREDIT METRICS
* INVESTMENT EXPECTED TO BE EARNINGS PER SHARE ACCRETIVE IN FIRST FULL YEAR OF OWNERSHIP