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Published
Feb 17, 2021
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Walmart completes Asda sale to Issa Brothers, TDR Capital

Published
Feb 17, 2021

Walmart Inc. said on Tuesday that it has completed the sale of its UK supermarket chain Asda to private equity firm TDR Capital and the Issa brothers, founders and co-CEOs of petrol station operator EG Group. 

Issa Brothers, TDR Capital completes Asda acquisition from Walmart. - Walmart


Walmart’s wholly-owned UK business was sold for an enterprise value of £6.8 billion, on a debt-free and cash-free basis. With its George line, Asda is one of the UK's biggest clothing retailers carrying womenswear, menswear and kidswear. It also sells beauty products and is a major homewares retailer.

Under the terms, the Issa brothers and TDR will acquire 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.

Mohsin and Zuber Issa and TDR first agreed to buy a majority stake in Asda from the U.S. giant in October. The deal also means that it will be the first time that Asda has been owned by a UK-based entity since Walmart acquired it for £6.7 billion back in 1999.

Other groups also reportedly had an interest in the purchase of Asda. Walmart said it expected the Competition and Markets Authority (CMA) to consider a deal.

Likewise, in 2019, Walmart attempted to sell Asda to rival Sainsbury’s for  £7.3 billion, which was thwarted by the CMA. 

Walmart operates approximately 11,400 stores under 55 banners in 26 countries and e-commerce websites. Its fiscal year 2020 revenue was $524 billion. 

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