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25th January 2022

Completion of acquisition of Asda by the Issa Brothers and TDR Capital Ltd

Walmart Inc. (“Walmart”), Asda Group Limited (“Asda”), the Issa brothers and TDR Capital have today announced that the Issa brothers, founders and co-CEOs of EG Group, a global convenience and forecourts retailer, headquartered in Blackburn, UK, and investment funds managed by TDR Capital LLP, a leading UK-based private equity firm, have completed the acquisition of Asda, Walmart’s wholly-owned UK business, for an enterprise value of £6.8 billion, on a debt-free and cash-free basis.

The Issa brothers and TDR Capital have acquired a majority ownership stake in Asda, while 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. The parties continue to work constructively with the Competition and Markets Authority (“CMA”) on regulatory approval, which is currently expected in Q2 2021, and remain confident of a positive outcome.

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