Euro Garage owners, brothers Mohsin and Zuber Issa have purchased Asda for £6.8bn. A consortium of the pair's private equity firm TDR Capital will take a majority stake in the supermarket chain.
The deal with US shopping giant Walmart puts Asda back into British ownership for the first time in more than 20 years.
Walmart bought Asda in 1999 for £6.7bn and it will retain a minority stake in the supermarket chain. Walmart said that, under the new owners, Asda will invest £1bn in the supermarket over the next three years.
Asda will keep its headquarters in Leeds and its chief executive, Roger Burnley, would remain in place.
Asda already has a relationship with the Issa brothers through their petrol forecourt business.
The supermarket recently announced its expansion into convenience stores and will initially trial 'Asda On the Move' at three of EG Group's fuel station forecourts in the Midlands.
The Issa's empire, the EG Group, now has almost 6,000 sites across 10 countries, from the UK to the US and Australia, runs outlets for Greggs, Starbucks and KFC, and employs 44,000 people.
In 2017, the company bought 77 Little Chef roadside restaurants.