By Kate Holton and James Davey
LONDON (Reuters) – Britain’s billionaire Issa brothers and private equity group TDR Capital have bought Asda from Walmart in a deal which gives the British supermarket chain an enterprise value of $8.8 billion and the buyers a platform to roll out smaller stores.
Mohsin and Zuber Issa, who founded petrol station operator EG Group nearly two decades ago, are taking Asda back under British ownership for the first time since 1999, when U.S. retail giant Walmart
paid 6.7 billion pounds for it.
“The Issa brothers have a reputation for good brand partnerships, for convenience and for growth and that’s really what we were interested in for Asda,” Judith McKenna, President and CEO of Walmart International told Reuters on Friday.
McKenna said the deal was not about job cuts and the new owners said they are targeting growth by expanding into convenience shops from its