The Issa brothers and investment vehicle TDR Capital have confirmed the brothers’ acquisition of Asda for £6.8bn.
In a joint statement released this afternoon, the four major parties involved said that the co-founders and chief executives of forecourt giant EG Group Zuber and Mohsin Issa had completed their deal for Asda, pending final approval from the Competition and Markets Authority (CMA).
The statement said the brothers had, in conjunction with TDR Capital, completed the deal for the UK’s third largest grocer by market share “on a debt-free and cash-free basis”.
Previous majority owner Walmart will retain an equity investment in the business, with an ongoing commercial relationship and a seat on its board.
The transaction, which was originally announced on October 2, was approved by the Financial Conduct Authority on February 8.
The statement said that “all parties continue to work constructively with the Competition and Markets Authority on regulatory approval, which is currently expected in Q2 2021, and remain confident of a positive outcome”.
The news comes a week after the Issas and TDR successfully raised a record £2.75bn sterling junk bond to fund the Asda acquisition.