Issa brothers and private equity firm TDR Capital said on Tuesday they had completed the acquisition of supermarket group Asda from Walmart for an enterprise value of £6.8 billion.
Mohsin and Zuber Issa and TDR have bought 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 deal was announced in October.
The transaction is still subject to regulatory approval. The Competition and Markets Authority has set a April 20 deadline for a ruling. The Issa brothers and TDR said they “remain confident” of a positive outcome.
Earlier this month, the brothers and TDR have announced that they will sell Asda’s petrol forecourts business to EG Group, which they also own, for £750 million after they complete their deal to buy the supermarket group.
Born in the town of Blackburn, northwest England, the Issas began their careers working in their father’s local petrol station.
They bought their first petrol station in 2001, which was the start of Euro Garages and which has grown into an international group running 6,000 sites across three continents.
Founded in 1965, Asda has the third biggest market share among supermarket chains in the UK, behind Sainsbury’s and the UK’s largest retailer Tesco. Walmart had bought Asda in 1999.