Walmart has agreed the sale of Asda to TDR capital and the Issa Brothers who currently operate the EG Group which has a chain of 6000 petrol stations and convenience stores. Walmart will retain a minority equity stake in the business. The transaction is expected to complete in the first half of 2021, subject to regulatory approvals.
The deal will see Asda’s current management remaining in situ and the business having access to £1bn of funding. Roger Burnley, Asda CEO said: “This new ownership opens an exciting new chapter in Asda’s long heritage of delivering great value for UK shoppers. With our combined investment, expertise and ambition; Asda, Walmart, the Issa brothers and TDR have an incredible opportunity to accelerate our existing strategy and develop an even more exciting offer for our customers as well as strengthen our business for our colleagues.”
Mohsin and Zuber Issa added: “We are very proud to be investing in Asda, an iconic British business that we have admired for many years. Asda’s customer-centric philosophy, focus on operational excellence and commitment to the communities in which it operates are the same values that we have built EG Group on”.
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