US retail giant Walmart has agreed to sell Asda in a multibillion dollar takeover that will see the supermarket revert to UK ownership for the first time since 1999
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Supermarket giant Asda sold £ 6 $ 8 billion deal to two UK billionaires and private equity firm TDR Capital
As part of the new ownership structure, self-made billionaires Mohsin and Zuber Issa will join TDR to acquire majority stake in Britains, the world’s largest supermarket
Retail moguls were urged to take over Asda a fortnight ago, two months after Walmart put the company back on the market
This will be the first time the supermarket chain has been under British ownership since 1999
As part of the deal, Walmart said it will continue to keep an investment in the company, but the majority of the chain will be owned by its new consortium of owners
Asda will remain based in Leeds and the company will continue to be led by Managing Director Roger Burnley, a statement said on Friday.
The bosses added that the chain « will continue to work closely with suppliers to deliver the best value ranges to customers in the categories that matter most to them »
He said the move will help promote his strategy to offer competitive prices to UK households
Judith McKenna, CEO of Walmart International, said: “We are delighted to be able to announce today this agreement, which we believe creates the right ownership structure for Asda, building on its 71 years of experience. ‘heritage, while also bringing entrepreneurial flair, not only to Asda, but also to retail in the UK
« I am delighted that Walmart retains a significant financial stake, a seat on the board of directors and continues to be a strategic partner. Asda has been a driver of innovation for the rest of the world Walmart, and we look forward to continuing to learn from them in the future This important combination will continue to keep customers and colleagues at the heart of Asda, which is important to all of us « â ?? ¯
Roger Burnley, CEO of Asda, added: “This new property opens an exciting new chapter in Asda’s long tradition of delivering great value to UK buyers With our combined investment, expertise and ambition; Asda, Walmart, the Issa brothers and TDR have an incredible opportunity to accelerate our existing strategy and develop an even more exciting offering for our customers as well as to strengthen our business for our colleagues
« In an ever-changing retail environment, our new ownership will further strengthen our resilience, while creating important additional opportunities to drive growth » For Asda colleagues, a strong and growing business is important to our long term future I would like to thank each of our employees for the incredible work they do serving our communities, and together our goal will remain to build a better Asda for the benefit of all »
Mohsin and Zuber Issa said: « We are very proud to invest in Asda, an iconic UK company 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 on which we have built EG Group Asda’s performance during the Covid pandemic- 19 has demonstrated the foundational strength and resilience of the business, and we are delighted 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 in convenience and branding partnerships and our successful partnership with TDR Capital, can help accelerate and execute this growth strategy After a successful period at Walmart, we look forward to helping Asda build a differentiated business that will continue to serve customers brilliantly in communities across the UK.at ????
Gary Lindsay of TDR Capital said: “Asda is a strong and well managed company with one of the UK’s largest retail brands We are proud to invest alongside Mohsin and Zuber, who have made EG Group a global convenience retailer and who will now put this experience to work for Asda. We look forward to supporting them, along with Roger Burnley and the Asda leadership team, to leverage the strengths inherent in the business and drive long-term sustainable growth. »
Asda Stores Limited, EG Group, Zuber Issa, Walmart, Roger Burnley, TDR Capital
News from around the world – GB – Supermarket giant Asda has sold to British billionaire brothers for a huge amount of £ 6 Billion deal
SOURCE: https://www.w24news.com
