Walmart completed sale of its UK business

The Issa brothers and TDR Capital have acquired a majority ownership stake in Asda

Walmart Asda

Walmart completed sale of its UK business. Source: flickr.com

Walmart has announced that the Issa brothers, founders and co-CEOs of EG Group, and investment funds managed by TDR Capital LLP have completed the acquisition of Asda. The deal had an enterprise value of £6.8 billion on a debt-free and cash-free basis.

Meanwhile, Walmart will retain an equity investment in the business, with an ongoing commercial relationship and a seat on the Board.

The transaction received approval from the FCA on 8th February 2021 and all deal conditions have been met in full.

We’ve reported that Western Union will soon offer its money transfer services at Walmart.

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