Deals
Walmart Pulls Plug on U.K. With TDR’s $8.8 Billion Asda Deal
- TDR and Issa brothers to buy controlling stake in U.K. grocer
- U.S. retailing giant has tried to sell Asda unit for two years
An Asda supermarket in London on Sept. 28.
Photographer: Simon Dawson/BloombergThis article is for subscribers only.
Walmart Inc. is pulling out of the cutthroat U.K. grocery market after 21 years, agreeing to sell control of grocer Asda to TDR Capital and two brothers who made their wealth in gas stations.
In a deal that values Asda at 6.8 billion pounds ($8.8 billion), TDR is joining with the Issa brothers, the British entrepreneurs behind convenience-store operator EG Group, to buy a majority stake. Walmart said Friday it expects a non-cash loss of about $2.5 billion as it gives up control of a company that has suffered from competing with German discounters Aldi and Lidl.