Walmart sells Asda to UK-based businessmen in GBP 6.8 bln deal

Tuesday 6 October 2020 11:58 CET | News

Walmart has announced a deal to sell supermarket retailer Asda to UK-based businessmen, the Issa brothers.

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.

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Keywords: Walmart, deal, retailer, Asda, UK, Issa brothers, ecommerce, acquisition, COVID-19
Categories: Payments & Commerce
Countries: United Kingdom
This article is part of category

Payments & Commerce