Zuber Issa’s Asda shares sale completes

Blackburn-based entrepreneur Zuber Issa has stepped down from his role on the board of Asda after completing the sale of his shares in the supermarket giant to TDR Capital.

The sale was announced in June this year and Asda has now confirmed that the deal has been completed.

It means that private equity firm TDR now has 67.5 per cent of the business, with Zuber’s brother Mohsin holding 22.5 per cent. US group Walmart owns 10 per cent.

In a statement Asda said: “Following the announcement of the proposed transaction in June 2024, today Asda has confirmed that funds managed by TDR Capital LLP have completed the acquisition of Zuber Issa’s shares in the business.” 

The statement also announced that Zuber had left his non-exec position on the Asda board, which now consists of six members including Mohsin.

It was also announced in June that Zuber had acquired the forecourt division of the EG Group, the company he co-founded with Mohsin in 2021, in a £228m deal.

He said at the time: “With the divestment of my Asda shares, I will now turn my attention towards leading and managing the remaining EG UK forecourt sites that I have personally acquired, and spend more time on my charitable endeavours.

“I am pleased to see TDR increasing its investment in Asda. With Mohsin and TDR’s ongoing focus and shareholding, I am confident that Asda will achieve its growth ambitions.”

The Issa brothers bought Asda from Walmart in 2020, in a £6.8bn deal with the backing of TDR Capital