The consortium purchasing Asda has completed its £6.8 billion acquisition of the Leeds-headquartered supermarket from US owner Walmart.
Although the deal has received full approval from the Financial Conduct Authority, it is still subject to regulatory approval from the Competition and Markets Authority. Regulatory approval is expected in Q2 2021.
The consortium includes the owners of Euro Garages Mohsin and Zuber Issa and private equity firm TDR Capital.
Under the new ownership structure, the Issa brothers and TDR Capital will acquire a majority ownership stake in Asda.
Walmart will retain an equity investment in the business, with an ongoing commercial relationship and a seat on the board.
Asda will remain headquartered in Leeds and will continue to be led by Roger Burnley, who will form part of the retailer’s board alongside representatives appointed by the Issa brothers, TDR Capital and Walmart.