Wal­mart to sell UK mar­ket chain

Daily Southtown (Sunday) - - BUSINESS -

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.

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.