Walmart Sells Asda To Billionaire British Brothers And TDR For $8.8bn
The British billionaire Issa brothers and private equity group TDR Capital have agreed to buy the British supermarket chain Asda from Walmart for an enterprise value of $8.8 billion and plan to roll out more smaller stores.
The deal will enable Mohsin and Zuber Issa, who founded petrol station operator EG Group nearly two decades ago, to take Asda back under British ownership for the first time since 1999, when Walmart paid £6.7 billion for the business.
The new owners want to drive growth at Britain’s third-biggest supermarket chain by expanding its presence into smaller neighbourhood shops to add to its large supermarket format, bringing it more in line with competitors Tesco and Sainsbury’s which offer both.
ESM
Related news
Walmart tests dark stores
As the retailer accelerates its delivery efforts, the brick-and-mortar locations…
Read more >Walmart opens first-ever owned and operated case-ready beef facility
The discount giant opened a case-ready beef facility in Olathe,…
Read more >Walmart to bring fast-casual hot dog restaurant to 6 stores
The retailer has partnered with Wienerschnitzel, marking its latest move…
Read more >Related news
Finland’s Fazer presses ahead with new chocolate factory
“The investment of approximately €400m is the largest in Fazer’s…
Read more >The GKI business climate index decreased slightly in July
According to a survey by GKI Economic Research Ltd. –…
Read more >We are using up the Earth’s resources today, and there is something deeply embedded in this that we don’t even think about.
This year, July 24th is global Overshoot Day, or Overconsumption…
Read more >