Supermarket chain Walmart has entered into an agreement to sell UK grocery chain Asda to Issa Brothers and TDR Capital for £6.8 billion.
The acquisition will bring Asda back to Leeds for the first time since it was bought by Walmart for £6.7 billion in 1999.
According to sources, the new owners joined together to acquire an equal ownership stake in Asda, and they will invest more than £1 billion in the business over the next three years to help Asda to keep low prices and strengthen the business.
Issa Brother co-owners 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. After a successful period as part of Walmart, we are looking forward to helping Asda build a differentiated business that will continue to serve customers brilliantly in communities across the UK.”
Source: FoodBev Media