Walmart to sell UK chain Asda in $8.8 billion deal
Associated PressLONDON — Retail giant Walmart has agreed to sell its British chain of supermarkets, Asda, to the investors behind an international group of gas stations and food shops in a deal that values the company at 6.8 billion pounds. Brothers Mohsin and Zuber Issa, along with investors TDR Capital will acquire a majority of Asda, while Walmart will retain a minority stake and a seat of the board, the parties said in a joint statement issued Friday. A year ago, British regulators rejected supermarket chain Sainsbury’s bid to acquire Asda amid concerns the merged company would have too big a share of the country’s market. The new owners pledged that Asda would remain based in the English city of Leeds, and committed to keeping prices low amid tough economic conditions and potential new tariffs on EU-imported foods following Brexit.
History of this topic
The family 'feud' and a supermarket giant in crisis: How self-made petrol station billionaires the Issa brothers brought Asda back under British control - before losing it amid a shock romance and 'em
Daily Mail
Billionaire Asda brothers 'fell out after one of them left his wife of 30 years and moved into an £18MILLION home with his new lover - a high-flying partner specialising in tax at Big Four firm EY'
Daily Mail
Supermarket giant to launch Asda Express convenience shops
The Independent
Asda buy 129 Co-op fuel stations in £600M deal
Daily Mail
Walmart’s UK retreat leaves Asda with new owners, old problems
Live Mint
Indian-origin billionaire brothers win bid to buy UK supermarket chain Asda
Live Mint
Walmart sells UK supermarket Asda for $8.7 bn
Live Mint
Billionaire brothers buy Asda in £6.8bn deal
The Telegraph
Walmart finds new buyers for UK supermarket chain Asda
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