The acquisition of UK supermarket chain Asda for GBP6.8bn (US$8.8bn) by UK entrepreneurs the Issa brothers and private equity firm TDR Capital has been completed this week.

The Issa brothers, founders and co-CEOs of EG Group, a global convenience and petrol forecourts retailer, agreed to acquire a majority stake in Asda in early February 2021. Under the deal, former owner Walmart will retain an equity investment in the business, with an ongoing commercial relationship and a seat on the board.

Regulatory approval by the Competition and Markets Authority (CMA) is expected in the second quarter of 2021.

In a joint statement earlier this month, Zuber Issa and Mohsin Issa said: “We are excited to have the opportunity to further strengthen our network in the UK through the proposed acquisition of Asda’s forecourt business, which will enhance our position as a major independent forecourt operator and provide a platform for future growth of the combined network.”

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By GlobalData