Issa bros and TDR Capital complete $9.5 bln Asda purchase

Britain's Issa brothers and private equity firm TDR Capital said on Tuesday they had completed the acquisition of supermarket group Asda from Walmart for an enterprise value of 6.8 billion pounds ($9.5 billion). The brothers and TDR have bought a majority ownership stake in Asda, while Walmart will retain an equity investment in the business, with an ongoing commercial relationship and a seat on the board.

Britain's Issa brothers and private equity firm TDR Capital said on Tuesday they had completed the acquisition of supermarket group Asda from Walmart for an enterprise value of 6.8 billion pounds ($9.5 billion).

The brothers and TDR have bought a majority ownership stake in Asda, while Walmart will retain an equity investment in the business, with an ongoing commercial relationship and a seat on the board. The deal was announced in October.

The transaction is still subject to regulatory approval. The Competition and Markets Authority has set a April 20 deadline for a ruling. The brothers and TDR said they "remain confident" of a positive outcome. ($1 = 0.7192 pounds)