Indian-origin billionaire brothers win bid to buy UK supermarket chain Asda
Skip to main content
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Splash
  • Features
  • Videos
  • Long Read
  • Games
  • Epaper
  • More
    • COVID-19
    • Bangladesh
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Subscribe
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
The Business Standard
TUESDAY, MAY 24, 2022
TUESDAY, MAY 24, 2022
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Splash
  • Features
  • Videos
  • Long Read
  • Games
  • Epaper
  • More
    • COVID-19
    • Bangladesh
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Subscribe
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
Indian-origin billionaire brothers win bid to buy UK supermarket chain Asda

Corporates

TBS Report
05 October, 2020, 10:50 am
Last modified: 05 October, 2020, 11:19 am

Related News

  • Prices of household items 20% costlier in UK: Study
  • Walton buys 3 European brands to make 4.8m compressors a year
  • US to buy 500M Pfizer vaccines to share globally
  • UK watchdog to rule on $9.5 billion Asda takeover by April 20
  • Want to buy room heaters? Read what the user’s say

Indian-origin billionaire brothers win bid to buy UK supermarket chain Asda

The Issa brothers, whose parents moved to the UK from Gujarat in the 1970s, own the Euro Garages chain of petrol stations as part of their EG Group business

TBS Report
05 October, 2020, 10:50 am
Last modified: 05 October, 2020, 11:19 am
The supermarket deal, valued at around 6.8-billion pounds ($8.8-billion), follows an auction process for Asda over several months and returns the 71-year-old supermarket company back into British ownership after 21 years, a development welcomed by UK Chancellor Rishi Sunak. PHOTO: COLLECTED
The supermarket deal, valued at around 6.8-billion pounds ($8.8-billion), follows an auction process for Asda over several months and returns the 71-year-old supermarket company back into British ownership after 21 years, a development welcomed by UK Chancellor Rishi Sunak. PHOTO: COLLECTED

Indian-origin billionaire brothers Mohsin and Zuber Issa are set to acquire a majority stake in the leading UK supermarket chain Asda from its US owner Walmart after a $8.8-billion deal was struck as part of a consortium involving private equity firm TDR Capital.

The Issa brothers, whose parents moved to the UK from Gujarat in the 1970s, own the Euro Garages chain of petrol stations as part of their EG Group business.

The supermarket deal, valued at around 6.8-billion pounds ($8.8-billion), follows an auction process for Asda over several months and returns the 71-year-old supermarket company back into British ownership after 21 years, a development welcomed by UK Chancellor Rishi Sunak.

"Great to see Asda returning to majority UK ownership for the first time in two decades today," Sunak said on Twitter, reported Livemint.

"The new owners have already committed to investing over GBP 1 billion in the next three years and increasing the proportion of UK-based suppliers. I wish them the best of luck," he said.

Announcing the deal, Walmart said Asda would keep its headquarters in Leeds in northern England, with chief executive Roger Burnley continuing to be in charge.

"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," Mohsin and Zuber Issa said in a statement.

The brothers, born in Blackburn in north-west England, pledged support for the long-term growth of the supermarket as they praised the chain's performance during the Covid-19 pandemic, demonstrating the "fundamental strength and resilience" of the business.

"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," they said.

Robert Burnley welcomed the new ownership as an exciting new chapter and committed to delivering value to customers.

"In a constantly changing retailing environment, our new ownership will further enhance our resilience, whilst creating significant, additional opportunities to drive growth. For Asda colleagues, a strong and growing business is important for our long-term future," said Burnley.

Walmart retains an equity investment in the business with an ongoing commercial relationship and a seat on the board.

The deal, which is subject to regulatory approvals, is expected to be completed in the first half of 2021.

Top News / World+Biz

Indian-origin / billionaire brothers / win bid / buy / UK supermarket chain / Asda

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Representative Photo: Pixabay.
    India to limit sugar exports in risk to global food prices
  • Muhammad Abdul Mazid, Former chairman, National Board of Revenue. TBS Sketch
    Revenue growth in FY22 only because import costs have surged
  • The road lanes of the Padma Multipurpose Bridge are scheduled to be inaugurated this year. Photo: Mumit M
    Padma Bridge to be opened to public on 25 June

MOST VIEWED

  • Tasneem Hossain’s debut poetry book ‘The Pearl Necklace’ launched in Toronto 
    Tasneem Hossain’s debut poetry book ‘The Pearl Necklace’ launched in Toronto 
  • Shikkha.xyz launches its ed-tech website and app
    Shikkha.xyz launches its ed-tech website and app
  • Maruful Islam Jhalak. Picture: Collected
    Nagad wants to become the MFS market leader within this year: Nagad ED
  • Incepta’s Linatab-E will play a vital role in Diabetes Treatment: Speakers 
    Incepta’s Linatab-E will play a vital role in Diabetes Treatment: Speakers 
  • Brac Bank TARA, Green Delta Insurance to provide complimentary insurance benefits 
    Brac Bank TARA, Green Delta Insurance to provide complimentary insurance benefits 
  • Popular Life Insurance transfer cheques to claimers in Gopalganj 
    Popular Life Insurance transfer cheques to claimers in Gopalganj 

Related News

  • Prices of household items 20% costlier in UK: Study
  • Walton buys 3 European brands to make 4.8m compressors a year
  • US to buy 500M Pfizer vaccines to share globally
  • UK watchdog to rule on $9.5 billion Asda takeover by April 20
  • Want to buy room heaters? Read what the user’s say

Features

The balcony railings of the Boro Sardar Bari in Sonargaon. Made of cast iron, these railings feature vertical posts with intricate designs on top. Photo: Noor-A-Alam

The evolution of railing and grille designs

7h | Habitat
A Russian army service member fires a howitzer during drills at the Kuzminsky range in the southern Rostov region, Russia January 26, 2022. REUTERS/Sergey Pivovarov/File Photo

3 months of Ukraine war : Miscalculations, resistance and redirected focus

8h | Analysis
Musk is denying the sexual harassment allegation that surfaced this week. Photo: Bloomberg

Elon Musk’s crazily banal week 

1d | Panorama
Asus Zenbook 14 Flip OLED: A touch of brilliance to your life

Asus Zenbook 14 Flip OLED: A touch of brilliance to your life

1d | Brands

More Videos from TBS

Effect of commodity price hike on lower income people

Effect of commodity price hike on lower income people

3h | Videos
The story of an 8 thousand gramophone records collector

The story of an 8 thousand gramophone records collector

4h | Videos
How to maintain a good relationship with colleagues

How to maintain a good relationship with colleagues

8h | Videos
Why are Duranta TV shows popular?

Why are Duranta TV shows popular?

22h | Videos

Most Read

1
Tk100 for bike, Tk2,400 for bus to cross Padma Bridge
Bangladesh

Tk100 for bike, Tk2,400 for bus to cross Padma Bridge

2
A packet of US five-dollar bills is inspected at the Bureau of Engraving and Printing in Washington March 26, 2015. REUTERS/Gary Cameron
Banking

Dollar hits Tk100 mark in open market

3
Bangladesh at risk of losing ownership of Banglar Samriddhi
Bangladesh

Bangladesh at risk of losing ownership of Banglar Samriddhi

4
PK Halder: How a scamster rose from humble beginnings to a Tk11,000cr empire
Crime

PK Halder: How a scamster rose from humble beginnings to a Tk11,000cr empire

5
BSEC launches probe against Abul Khayer Hero and allies
Stocks

BSEC launches probe against Abul Khayer Hero and allies

6
The reception is a volumetric box-shaped room that has two glass walls on both the front and back ends and the other two walls are adorned with interior plants, wood and aluminium screens. Photo: Noor-A-Alam
Habitat

The United House: Living and working inside nature

The Business Standard
Top
  • Home
  • Entertainment
  • Sports
  • About Us
  • Bangladesh
  • International
  • Privacy Policy
  • Comment Policy
  • Contact Us
  • Economy
  • Sitemap
  • RSS

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net

Copyright © 2022 THE BUSINESS STANDARD All rights reserved. Technical Partner: RSI Lab