One half of the billionaire Issa brothers has sold his stake in Asda to the private equity giant the pair partnered with to secure its £6.5bn takeover in 2021. Funds managed by TDR Capital have agreed to acquire Zuber Issa’s shares in the Leeds-headquartered chain .
Mohsin Issa will remain a co-owner of Asda alongside TDR Capital. The move means that the private equity giant now has a stake of 67.5 per cent in the supermarket while Mohsin Issa will hold 22.
5 per cent. A further 10 per cent is held by former owner Walmart. The deal is expected to complete in the third quarter of 2024.
The news comes after it was reported that Zuber Issa was close to selling his stake in Asda in April. It has also been announced that Blackburn-headquartered EG Group has agreed to sell its remaining UK forecourts business to Zuber Issa for £228m. Zuber Issa, who is the co-CEO of EG Group, said: “Since Mohsin and I, alongside TDR, took ownership of Asda, we have driven a period of significant investment and entrepreneurial growth activity.
“Notably, Asda acquired a market-leading UK convenience retail and foodservice store business from EG Group. “With the divestment of my Asda shares, I will now turn my attention towards leading and managing the remaining EG UK forecourt sites that I have personally acquired, and spend more time on my charitable endeavours. “I am pleased to see TDR increasing its investment in Asda.
With Mohsin and TDR’s ongoing focus and shareholding, I am confide.
