Walmart has completed the sale of its U.K. based business Asda.
The Issa brothers, founders and CEOs of EG Group, a global convenience and forecourts retailer in the U.K. and private equity firm TDR Capital have completed the acquisition of Asda, Walmart’s wholly-owned U.K. company. Walmart announced last Fall that it would sell its majority stake in Asda for $8.8 billion.
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 deal comes after close to two years when U.K. regulators rejected an April 2018 sale of Asda to Sainsbury, citing competitive market concerns.