Walmart Inc. said on Tuesday the Blackburn-based Issa brothers and TDR Capital have completed the acquisition of Asda, Walmart’s Leeds-based UK business, for an enterprise value of £6.8 billion, “on a debt-free and cash-free basis.”
Walmart said: “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.”