Walmart Inc. (“Walmart”), Asda Group Limited (“Asda”), the Issa brothers, and TDR Capital LLP, a leading UK-based private equity firm, announced today that the Issa brothers, founders and co-CEOs of EG Group, a global convenience and forecourts retailer based in Blackburn, UK, and investment funds managed by TDR Capital LLP, a leading UK-based private equity firm, have completed the acquisition of
The Issa brothers and TDR Capital have acquired a majority position in Asda, but Walmart will keep an equity holding in the company, as well as a commercial connection and a seat on the board of directors.
The transaction was approved by the FCA on February 8, 2021, and all deal requirements were fully met. The parties are continuing to work cooperatively with the Competition and Markets Authority (“CMA”) on regulatory approval, which is presently scheduled for Q2 2021, and are optimistic about a favorable outcome.
For your convenience, a copy of the transaction press announcement dated October 2, 2020 may be viewed here.
The walmartone helps people save money and live better in retail shops, online, and through their mobile devices all over the world. Over 265 million customers and members visit over 11,400 stores and eCommerce websites under 55 banners in 26 countries each week. Walmart employs roughly 2.2 million workers worldwide and expects $524 billion in revenue in fiscal year 2020. Walmart remains a market leader in terms of sustainability, corporate philanthropy, and job opportunities.
About Asda, a Walmart wholly-owned subsidiary
Asda is a British supermarket chain that was formed in 1949 and now employs more than 146,000 people across the country. It sells its products through a network of 584 grocery stores, 18 freestanding petrol filling stations, 33 Asda Living stores, as well as online. Asda operates George, a large UK clothes shop with both an in-store and online presence, in addition to grocery and general products. The corporation owns a large property portfolio, with freehold properties accounting for 75% of the total square footage.