Walmart to sell UK market chain
LONDON — Retail giant Walmart has agreed to sell its British chain of supermarkets, Asda, to the investors behind an international group of gas stations and food shops in a deal that values the company at $8.8 billion.
BrothersMohsin and Zuber Issa, along with investors TDR Capital, will acquire a majority of Asda, while Walmart will retain a minority stake and a seat of the board, the parties said in a joint statement issued Friday.
Walmart has owned Asda since 1999 but had been looking for a buyer recently to focus on higher-growth markets. Walmart has given up on operations in several international markets over the past 15 years, including Germany and South Korea.