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.
The Paypers is the Netherlands-based leading independent source of news and intelligence for professional in the global payment community.
The Paypers provides a wide range of news and analysis products aimed at keeping the ecommerce, fintech, and payment professionals informed about the latest developments in the industry.
Current themes
No part of this site can be reproduced without explicit permission of The Paypers (v2.7).
Privacy Policy / Cookie Statement
Copyright