Asda acquisition granted FCA approval

The Issa brothers' £6.8bn purchase of supermarket giant Asda has received the green light from the Financial Conduct Authority.

Blackburn-based entrepreneurial brothers Mohsin and Zuber Issa teamed up with TDR Capital to acquire a majority stake from Walmart, which retains a minority equity investment and a seat on the board.

The deal is to said to have been funded from their own personal wealth, amassed over two decades of building up the EG Group empire which operates thousands of forecourts throughout the UK, USA and Australia. It is to be completed on a debt-free and cash-free basis

Approval also paves the way for EG Group to acquire Asda's portfolio of forecourts and filling stations.

The brothers say they expect to receive regulatory approval from the Competition and Markets Authority in the second quarter of 2021.

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