Walmart has completed the sale of UK grocery chain Asda to global convenience and forecourts retail business co-founders the Issa brothers for £6.8bn.
Under the new ownership structure, the co-founders and co-chief executives of EG Group, Mohsin and Zuber Issa, and investment vehicle TDR Capital will take a majority ownership stake in Asda.
Walmart will retain an equity investment and a seat on the Asda board as part of an “ongoing commercial relationship”.
Asda will continue to be led by current chief executive Roger Burnley, who will form part of the retailer’s board “alongside representatives appointed by the Issa brothers, TDR Capital and Walmart”.
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