Paz Oil Company Withdraws from Bidding Process to Acquire Wolt Market
Paz Oil Company has withdrawn from bidding for Wolt Market due to pricing disputes. The divestment follows an antitrust ruling by Michal Cohen halting Wolt's dual retail and delivery operations.
Paz Oil Company has officially withdrawn from the bidding process for the acquisition of Wolt Market, citing unresolved price discrepancies between the parties.
The race to acquire the rapid delivery chain continues with several prominent contenders, including Good Pharm founders Adam Friedler and Ohad Sandler, Ori Max in partnership with Apax Partners, and a private equity fund led by Tor Rosenberg, alongside other market players.
Wolt was compelled to divest its Wolt Market operations following a decisive ruling by Antitrust Commissioner Michal Cohen, who declined to extend the regulatory exemption that previously permitted the company to operate a delivery platform for retail chains while simultaneously running its own independent retail activities.
Antitrust Concerns Drive Divestment
In February, the Antitrust Authority announced that following an exhaustive market analysis and a review of the company-submitted framework, the proposed operational model raised serious competition concerns. These apprehensions pertained to both internal market dynamics within the Wolt platform and external competition with rival delivery networks, amplified by Wolt's dominant standing in the sector.
Following extensive dialogues with corporate representatives, the commissioner concluded that no regulatory safeguards or conditions could adequately mitigate these structural competition concerns to permit the continuation of the existing arrangement.
Wolt officials declined to issue any formal statement regarding the ongoing sale process.
