Today it's been announced that the Issa brothers, founders and co-CEOs of EG Group, the global convenience and forecourts retailer, and investment funds managed by TDR Capital LLP, have completed the acquisition of Asda from Walmart for £6.8bn.
The Issa brothers and TDR Capital have acquired a majority ownership stake in Asda, while Walmart will retain an equity investment in the business, with an ongoing commercial relationship and a seat on the Board.
The £6.8bn price tag is only slightly more than the £6.7bn Walmart paid for Leeds-based Asda in 1999.
Asda, with its 146,000 staff and 634 stores in UK and NI, is not being merged with Blackburn-headquartered EG Group, which the Issa brothers also co-own with TDR , and some analysts think this is to avoid receiving a red flag from the competition authorities.
However, Asda has already started trialling a new convenience brand, Asda on the Move, in three of EG’s forecourts in the Midlands, with more expected to follow.