The brothers from Blackburn have purchased Asda from Walmart for £6.8bn
Zuber and Mohsin Issa have formed a consortium with private equity firm TDR Capital and will now take a majority stake in Asda. After an auction process for Asda that lasted for a number of months, the supermarket giant will now return to majority UK ownership for the first time in two decades.
The Issa brothers found their fortune through EG Group, where they own more than 5200 petrol stations across the UK and Europe and the speed of the expansion of this company highlights the entrepreneurial spirit that the brothers possess.
The pair commented: “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.”
Walamrt will retain a minority stake in the business as part of the agreement and will keep a seat on the company’s board.
