Asda sold for £6.8billion to Blackburn Billionaire Brothers
Posted on: 02/10/20
The majority share in Asda has been sold to UK owners having been in US ownership (Walmart) for 20 years.
The ISSA brothers are best known as the EG Group who own 5,200 petrol stations across the UK and Europe are the new owners of Asda .
The encouraging news is that in an internal announcement to Asda staff the brothers have declared a target to increase the percentage of UK Dairy Product it sells as well as to source 100% British Beef. That’s a very positive first day announcement.
Walmart acquired Asda in 1999 for £6.7 billion and they will retain a seat on the board for their retained minority shareholding.