New owners for Milton Keynes's biggest supermarket after £6.8 billion deal
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A consortium led by billionaire brothers Mohsin and Zuber Issa have bought the supermarket chain from Walmart.
The brothers run the Blackburn-based EG Group, and TDR Capital, the London private equity firm.
Walmart will keep 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 current chief executive Roger Burnley.
The sale brings Asda back under British ownership for the first time since 1999, when Walmart paid £6.7bn for the business.
The new owners have promised to invest more than £1bn in the business over the next three years as well as continue to offer low prices across its stores.
Mohsin and Zuber Issa said in a statement: "We are very proud to be investing in Asda, an iconic British business that we have admired for many years.
"Asda's customer-centric philosophy, focus on operational excellence and commitment to the communities in which it operates are the same values that we have built EG Group on.
"Asda's performance through the Covid-19 pandemic has demonstrated the fundamental strength and resilience of the business, and we are excited to support Roger and his team as they continue to reposition the business to drive long-term growth.
"We believe that our experience with EG Group, including our expertise around convenience and brand partnerships and our successful partnership with TDR Capital, can help to accelerate and execute that growth strategy.
"After a successful period as part of Walmart we are looking forward to helping Asda build a differentiated business that will continue to serve customers brilliantly in communities across the UK."
The takeover has been welcomed by Chancellor Rishi Sunak, who tweeted: "Great to see Asda returning to majority UK ownership for the first time in two decades today.
"The new owners have already committed to investing over £1bn in the next three years and increasing the proportion of UK-based suppliers. I wish them the best of luck."