Woolworths hardware businesses is set to be split in a three way deal with the Masters property assets going to a consortium of wealthy family offices, the hardware inventory going to Great American Group and the Home, Timber & Hardware (HTH) business going to Metcash.

The sale ends a drawn-out sale process for a difficult asset to sell over the past six months. Woolworths and its hardware joint venture partner Lowe's have been in negotiations since January, when Lowe's exercised an option to sell its 33 per cent stake in the joint venture to Woolworths and Lowes has since launched legal action which could potentially de-rail the deal.

Investment bank Citi have been advising Woolworths on the sale.

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