About: http://data.cimple.eu/news-article/ea4665482f0debbb2b76718f755f5c13d4696a158316c0b5e0380569     Goto   Sponge   NotDistinct   Permalink

An Entity of Type : schema:NewsArticle, within Data Space : data.cimple.eu associated with source document(s)

AttributesValues
rdf:type
schema:articleBody
  • US retail giant Walmart has agreed to sell its British supermarket chain Asda to two UK firms for £6.8 billion ($8.7 billion, 7.4 billion euros), they announced Friday. The billionaire Issa brothers, who run petrol stations and food outlets worldwide, have joined with private equity firm TDR Capital to purchase Asda, which last year regulators blocked from merging with British supermarket group Sainsbury's. While the UK groups are acquiring a majority stake in Asda, Walmart will retain an investment and have a seat on the new board, the statement added. "I'm delighted that Walmart will retain a significant financial stake... and will continue as a strategic partner," said Judith McKenna, CEO of Walmart International. Brothers Mohsin and Zuber Issa said "Asda's performance through the Covid-19 pandemic has demonstrated the fundamental strength and resilience of the business". The transaction, subject to regulatory approvals, is expected to complete in the first half of next year. "We are proud to be investing alongside Mohsin and Zuber, who have built EG Group into a global convenience retailer," said Gary Lindsay, a partner at TDR Capital. Walmart bought Asda in 1999. "In a constantly changing retailing environment, our new ownership will further enhance our resilience, whilst creating significant, additional opportunities to drive growth," said Asda chief executive Roger Burnley. While the UK has shed tens of thousands of jobs during the coronavirus pandemic, the country's supermarket sector has embarked on a huge recruitment drive to meet surging demand for online food shopping. Born in the town of Blackburn, northwest England, the Issas began their careers working in their father's local petrol station, Friday's statement said. They bought their first petrol station in 2001, which was the start of Euro Garages and which has grown into an international group running 6,000 sites across three continents. Founded in 1965, Asda has the third biggest market share among supermarket chains in the UK, behind Sainsbury's and the UK's largest retailer Tesco. Recent data showed that Asda's online sales doubled in the second quarter when Britain was in lockdown. "With our combined investment, expertise and ambition; Asda, Walmart, the Issa brothers and TDR have an incredible opportunity to accelerate our existing strategy and develop an even more exciting offer for our customers," Burnley said. bcp/rfj/bmm
schema:headline
  • Walmart sells UK supermarket Asda for £6.8bn
schema:mentions
schema:author
schema:datePublished
http://data.cimple...sPoliticalLeaning
http://data.cimple...logy#hasSentiment
http://data.cimple...readability_score
http://data.cimple...tology#hasEmotion
Faceted Search & Find service v1.16.115 as of Oct 09 2023


Alternative Linked Data Documents: ODE     Content Formats:   [cxml] [csv]     RDF   [text] [turtle] [ld+json] [rdf+json] [rdf+xml]     ODATA   [atom+xml] [odata+json]     Microdata   [microdata+json] [html]    About   
This material is Open Knowledge   W3C Semantic Web Technology [RDF Data] Valid XHTML + RDFa
OpenLink Virtuoso version 07.20.3238 as of Jul 16 2024, on Linux (x86_64-pc-linux-musl), Single-Server Edition (126 GB total memory, 5 GB memory in use)
Data on this page belongs to its respective rights holders.
Virtuoso Faceted Browser Copyright © 2009-2025 OpenLink Software