According to Essential Retail, the agreement with the Issa brothers is worth GBP 6.8 billion. The new owners are founders and co-CEOs of Blackburn-based EG Group, and private equity firm TDR Capital LLP, acquiring a majority stake in the UK supermarket.
Consequently, Walmart will keep an equity investment in the business, and maintain a commercial relationship and holding a seat on the board, while current CEO Roger Burnley will stay in place to continue leading the business.
The acquisition comes to expand Asda’s ecommerce capacity that almost doubled during the COVID-19 pandemic. Besides, the brothers plan to invest over GBP 1 billion in the next three years to strengthen the business and its supply chain, Essential Retail reported.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now