Indian-origin billionaire brothers win bid to buy UK supermarket chain Asda

Indian-origin billionaire brothers Mohsin and Zuber Issa are set to acquire a majority stake in the leading UK supermarket chain Asda from its US owner Walmart after a USD 8.8-billion deal was struck as part of a consortium involving private equity firm TDR Capital. The supermarket deal, valued at around 6.8-billion pounds, follows an auction process for Asda over several months and returns the 71-year-old supermarket company back into British ownership after 21 years, a development welcomed by UK Chancellor Rishi Sunak. “Great to see Asda returning to majority UK ownership for the first time in two decades today,” Sunak said on Twitter. “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,” they said.