BLACKBURN’S billionaire Issa brothers have clinched their deal to buy Asda, it was announced today.
Current US owners Walmart have agreed to sell the supermarket giant to a group led by the EG Group petrol station tycoons in a £6.8 billion deal.
The success of the bid by Mohsin and Zuber Issa and their private equity partner TDR Capital returns the 71-year-old firm to British ownership after 21 years.
The brothers pledged to accelerate Asda’s strategy, building on the retail leader’s low-price heritage
Under the new ownership structure, the Issa brothers and TDR Capital are acquiring a majority ownership stake in Asda. Walmart will retain an equity investment in the business, with an ongoing commercial relationship and a seat on the board.
Asda will remain headquartered in Leeds, from where it built its heritage and roots.
The business will continue to be led by Roger Burnley who will form part of Asda’s Board alongside representatives appointed by the Issa brothers, TDR Capital and Walmart.
Mohsin and Zuber Issa said: “We are very proud to be investing in Asda, an iconic British business that we have admired for many years. Asda’s customer-centric philosophy, focus on operational excellence and commitment to the communities in which it operates are the same values that we have built EG Group on. Asda’s performance through the Covid-19 pandemic has demonstrated the fundamental strength and resilience of the business, and we are excited to support Roger and his team as they continue to reposition the business to drive long-term growth.
“We believe that our experience with EG Group, including our expertise around convenience and brand partnerships and our successful partnership with TDR Capital, can help to accelerate and execute that growth strategy. After a successful period as part of Walmart we are looking forward to helping Asda build a differentiated business that will continue to serve customers brilliantly in communities across the UK.”
Pretty impressive from the 2 fellas there.
Started off with a petrol station 20 years ago.
Current US owners Walmart have agreed to sell the supermarket giant to a group led by the EG Group petrol station tycoons in a £6.8 billion deal.
The success of the bid by Mohsin and Zuber Issa and their private equity partner TDR Capital returns the 71-year-old firm to British ownership after 21 years.
The brothers pledged to accelerate Asda’s strategy, building on the retail leader’s low-price heritage
Under the new ownership structure, the Issa brothers and TDR Capital are acquiring a majority ownership stake in Asda. Walmart will retain an equity investment in the business, with an ongoing commercial relationship and a seat on the board.
Asda will remain headquartered in Leeds, from where it built its heritage and roots.
The business will continue to be led by Roger Burnley who will form part of Asda’s Board alongside representatives appointed by the Issa brothers, TDR Capital and Walmart.
Mohsin and Zuber Issa said: “We are very proud to be investing in Asda, an iconic British business that we have admired for many years. Asda’s customer-centric philosophy, focus on operational excellence and commitment to the communities in which it operates are the same values that we have built EG Group on. Asda’s performance through the Covid-19 pandemic has demonstrated the fundamental strength and resilience of the business, and we are excited to support Roger and his team as they continue to reposition the business to drive long-term growth.
“We believe that our experience with EG Group, including our expertise around convenience and brand partnerships and our successful partnership with TDR Capital, can help to accelerate and execute that growth strategy. After a successful period as part of Walmart we are looking forward to helping Asda build a differentiated business that will continue to serve customers brilliantly in communities across the UK.”
Pretty impressive from the 2 fellas there.
Started off with a petrol station 20 years ago.
