Walmart Sells Majority Stake in UK Operations to EG Group for $8.8B
EG Group founders Mohsin and Zuber Issa and TDR Capital are buying U.K.-based Asda Group from Walmart for $8.8 billion, the companies said Friday. The Issa brothers own EG Group, which has more than 5,200 gas stations and fast food…
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operations in the U.K. and Europe. Under the new ownership structure, the Issa brothers and TDR Capital are acquiring majority ownership of Asda; Walmart will retain an equity investment, with an ongoing commercial relationship and a seat on the board. Roger Burnley will continue as CEO. Walmart bought Asda in 1999.