Walmart sells Asda to UK owners in £6.8bn deal after 20 years
A nationwide supermarket chain has been bought by two British entrepreneurs in a £6.8bn deal.
Asda has been bought from Walmart by Mohsin and Zuber Issa, two billionaire brothers from Blackburn, partnered with TDR Capital.
The brothers also own EG Group, which runs more than 5,200 petrol stations across the UK and Europe.
The sale comes after a months-long auction after plans to merge Asda with Sainsbury’s were blocked on competition grounds.
Asda will keep its Leeds headquarters, as well as its current chief executive Roger Burnley.
Walmart will retain a minority stake in the chain, which it has owned since 1999.
Mohsin and Zuber Issa commented: “We believe that our experience with EG Group, including our expertise around convenience and brand partnerships and our successful partnership with TDR Capital, can help to accelerate and execute that growth strategy.”
Walmart said that the sale of the chain is expected to result in a $2.5bn loss for its next financial year.
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