Retail giant Walmart has agreed to sell its British chain supermarket, Asda, to investors behind an international group of gas stations and food outlets that valued the company for 6.8 billion pounds ($ 8.8 billion) in a deal .
The parties said in a joint statement issued on Friday that Brothers Mohsin and Zuber Issa would together with investors acquire TDR Capital, while Walmart would retain the minority stake and one seat on the board. Details of the transaction were not released.
The deal has been in place for more than a year after regulators rejected a bid by UK supermarket chain Sainsbury’s. Assad has seen an improvement in his fortune during the epidemic, with shopkeepers stocking extra groceries.
The new owners pledged that Asda would remain in the English city of Leeds, and committed to keeping prices low on EU imported foods after Brexit amid tough economic conditions and potential new charges.
Issa Brothers is the founder of Euro Garage, which has more than 6,000 gas stations and convenience stores in Europe, North America and Australia. The company partners with brands such as Starbucks, Burger King and KFC at its larger outlets.
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