Walmart Inc., the 58-year old American multinational retailing industry giant, said in a statement on Friday that the world’s largest brick-and-mortar retail mogul had reached an accord with two British billionaires alongside a private equity firm to sell off a controlling stake in Asda at a $8.8 billion deal, marking up a sigh of breath for the pandemic-hurt retailer which has been vying to vent out a way to divest its UK holdings since their acquisitions back in the 1999s.
In point of fact, two British billionaire brothers named Mohsin Issa and Zuber Issa alongside a private equity fund TDR Capital and the Bentonville-headquartered retail behemoth had been quoted saying in a joint statement released late on Friday that a £6.8 billion deal for the British supermarket chain, Asda, would proffer the British billionaire brothers, whose parents had migrated from the Indian state of Gujarat and had to work in a textile factory in Blackburn to make their ends meet amid utter economic hardship, alongside the London-based private equity fund TDR Capital a controlling stake in the UK-based hypermarket chain, while Walmart Inc.
would also retain a smaller stake and a seat in the management board of the supermarket store chain.
Walmart leaves UK market as the US retailer eyes high profit-margin areas
In factuality, the Arkansas-based retail giant has been pulling out of major international operations over a decade and a half including the bloc’s largest economy Germany and S.
Korea, a move what analysts had contemplated as a major strategical shift from Walmart Inc. officials aimed at focusing on high profit-margin markets, while many countries which Walmart had deserted over the recent past, had witnessed a sheer reluctance from the US-based retailer to put up a good fight against the local suppliers as it has been conducting in the United States, said analysts.
Notably, new owners of the British supermarket chain, Asda, pledged on Friday that they would not be seeking to dislocate Asda’s key holdings in the English city of Leeds.