Walmart sells Asda for $8.8 bn

Tribune Web Desk

Updated At : 12:36 PM Oct 03, 2020 IST

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London, October 2

The British billionaire Issa brothers and TDR Capital have agreed to buy the British supermarket chain Asda from Walmart for $8.8 billion. The deal will enable Mohsin and Zuber Issa, who founded petrol station operator EG Group nearly two decades ago, to take Asda back under British ownership for the first time since 1999, when Walmart paid £6.7 billion for the business.

Walmart will retain an unspecified equity investment in the business, an ongoing commercial relationship and a seat on the Board. — Reuters

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