Issa brothers complete Asda purchase
The Blackburn-based Issa brothers have acquired a controlling stake of Asda in a deal which values the supermarket giant at £6.8bn.
Mohsin and Zuber Issa, founders of Euro Garages, have partnered with London-based TDR Capital for the acquisition. Walmart, which purchased Asda in 1999, retains a minority stake and a seat on the board.
The Issas are said to have funded the purchase from their own personal wealth, amassed over two decades of building up the EG empire which operates thousands of forecourts throughout the UK, USA and Australia.
The buyers say they intend to keep chief executive Roger Burnley in his role, and he will oversee around £1bn of investment over the next three years.
Roger Burnley said: "This new ownership opens an exciting new chapter in Asda's long heritage of delivering great value for UK shoppers.
"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 offer for our customers as well as strengthen our business for our colleagues.
"In a constantly changing retailing environment, our new ownership will further enhance our resilience, whilst creating significant, additional opportunities to drive growth."
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