UK’s billionaire brothers buy Walmart’s Asda for $8.8 billion

UK's billionaire brothers buy Walmart's Asda for $8.8 billion

British billionaire brothers Mohsin and Zuber Issa and private equity group TDR Capital have bought the supermarket chain Asda from Walmart for $8.8 billion.

The deal means that Asda will be back under British ownership for the first time since 1999.

“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.

McKenna would not say for how long Walmart has committed to remain an investor or comment on the possibility of an initial public offering (IPO).

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