Asda bought by EG Group’s Issa brothers for £6.8bn

The offer by the Issa brothers has won the battle to buy Asda from U.S. giant Walmart.

Billionaire brothers behind EG Group complete purchase of Asda from Walmart in a £6.8 billion deal, reports Sky News.

As previsouly reported by PetrolPlaza, a consortium of Zuber and Mohsin Issa and private equity firm TDR Capital was in line to take majority stake in British supermarket chain Asda.

The supermarket chain will remain headquartered in Leeds and will continue to be led by current chief executive Roger Burnley.

Walmart bought Asda in 1999 for £6.7 billion and it will retain a minority stake in the supermarket chain. It now has a network of 600 stores in the UK.

A key part of the operation that has put the Issa brothers and TDR in pole position is the possibility of expanding the supermarket business in their petrol station network. Asda recently announced it would be trialling a new convenience store concept at the tree EG Group stations.

EG Group has built an empire since its formation in 2016 and now employs 50,000 people across almost 6,000 sites in the UK, U.S., Europe and Australia.