E-COMMERCE REPORTS STEEP INCLINE IN Q2 PROFITS GLOBALLY
Images Retail|October 2020
Riding on the surge in demand in the COVID-19 times, online retail sales in Asia will grow from US$ 1.5 trillion in 2019 to US$ 2.5 trillion in 2024, with a compound annual growth rate (CAGR) of 11.3 percent…

THE ISSA BROTHERS & TDR CAPITAL TO ACQUIRE ASDA FROM WALMART

Walmart Inc., Asda Group Limited, the Issa brothers and TDR Capital 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 together agreed to acquire Asda, Walmart’s wholly-owned UK business, for an enterprise value of £6.8 billion, on a debt-free and cash-free basis. Under the new ownership structure, the Issa brothers and TDR Capital are acquiring a majority ownership stake in Asda. Walmart will retain an equity investment in the business, with an ongoing commercial relationship and a seat on the Board.

At a time of evolution in the UK food retail sector, the new owners will continue to build a strong and successful business, bene ting from fresh capital and expertise, as well as valuable links with the world’s largest retailer. The Issa brothers, backed by TDR Capital, will support and accelerate Asda’s existing strategy, which is anchored in delivering low prices and convenience to customers however they want to shop. Under the new ownership, Asda will continue to work closely with suppliers to provide best value ranges for customers in the categories that matter most to them.

Under CEO Roger Burnley and his management team, Asda has demonstrated huge resilience during the COVID-19 pandemic, almost doubling its online operations in a matter of months. With support from its new ownership, Asda will continue to invest in accelerating its Omnichannel offer and in the resilience of its supply chain, including sourcing more food from UK farmers and maintaining its commitment to supporting domestic suppliers and small businesses.

Asda will remain headquartered in Leeds, from where it built its heritage and roots, and will continue to be a significant contributor to the UK economy and tax base. The business will continue to be led by Roger Burnley who will form part of Asda’s Board alongside representatives appointed by the Issa brothers, TDR Capital and Walmart.

ONLINE RETAIL SALES TO HIT US$ 2.5 TRILLION IN ASIA BY 2024

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