Issa Brothers and TDR Capital Complete the Acquisition of Asda from Walmart

Asda store front, United Kingdom

LEEDS, UK, and BENTONVILLE, Ark., February 16, 2021 — Walmart Inc. (“Walmart”), Asda Group Limited (“Asda”), the Issa brothers and TDR Capital have today announced that the Issa brothers, founders and co-CEOs of EG Group, a global convenience and forecourts retailer, headquartered in Blackburn, UK, and investment funds managed by TDR Capital LLP, a leading UK-based private equity firm, have completed the acquisition of Asda, Walmart’s wholly-owned UK business, for an enterprise value of £6.8 billion, on a debt-free and cash-free basis.

The Issa brothers and TDR Capital have acquired 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 transaction received approval from the FCA on 8th February 2021 and all deal conditions have been met in full. The parties continue to work constructively with the Competition and Markets Authority ("CMA") on regulatory approval, which is currently expected in Q2 2021, and remain confident of a positive outcome.

A copy of the transaction press release issued on 2nd October 2020 can be found here for reference.


About Walmart
Walmart Inc. (NYSE: WMT) helps people around the world save money and live better - anytime and anywhere - in retail stores, online, and through their mobile devices. Each week, over 265 million customers and members visit approximately 11,400 stores under 55 banners in 26 countries and eCommerce websites. With fiscal year 2020 revenue of $524 billion, Walmart employs over 2.2 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy and employment opportunity. Additional information about Walmart can be found by visiting corporate.walmart.com, on Facebook at facebook.com/walmart and on Twitter at twitter.com/walmart.

About Asda, a wholly owned subsidiary of Walmart
Asda is a UK retailer founded in 1949 serving around 19 million customers a week and currently employs more than 146,000 people across the UK. It has a multi-format, omni-channel offering, selling its products through a network of 584 grocery stores, 18 standalone petrol filling stations and 33 Asda Living stores and also online. In addition to grocery and general merchandise, Asda also operates George, a leading UK clothing retailer with both an in-store and online offering. The company has a significant property portfolio, of which 75 percent of the square footage is freehold.

About the Issa Brothers
For more information please visit: www.ibtdr.com

About TDR Capital
TDR Capital is a leading private equity firm which invests in UK and European businesses, and partners with them to develop and grow their operations. Founded in 2002, it has a long track record of supporting the successful growth of market-leading businesses across a number of different sectors, with a particular focus on consumer facing companies. TDR takes a long-term approach to its portfolio of businesses, underpinned by ambitious growth plans, strategic focus and targeted investment.

For more information please visit: www.tdrcapital.com