Mohsin and Zuber Issa have spoken of their ‘pride’ in investing ‘iconic’ British business brand, Asda in a special message to staff.
The Issa brothers, founders and of EG Group and TDR Capital, a UK-based private equity firm, have together agreed to acquire Asda from Walmart for £6.8 billion. Under the new ownership structure, the Issa brothers and TDR Capital are acquiring a majority ownership stake in Asda. Walmart will retain an equity.
In a message to staff at the EG Group the brothers said the companies would be continued to be run separately.
Zuber said, “We wanted to talk to today about today’s announcement.
“Together with our partners at TDR capital we will be acquiring a majority stake in the iconic British business, Asda.
“It is important to make clear this is not a merger. Asda and EG Group will continue to be run as independent businesses.
“We remain fully committed to EG Group. Our strategy to continue to growing all of our markets remains unchanged. That being said we are very proud to be investing in Asda and we hope that you share in our excitement today. We think this is great news for employees and customers of both companies.”
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Mohsin said both companies had shared northern values, “Firstly we feel Asda’s customer-centric philosophy is focussed on operational excellence and commitment to the communities in which it operates, is closely aligned to the values we have built in EG Group, not to mention our shared Northern values being from just across the Pennines.”
READ > Blackburn's billionaire Issa brothers complete £6.8bn Asda takeover
He added, “The experience we have built in building this brilliant business from one single forecourt 20 years ago to a global network of more than 6000 sites, means we can help the Asda management team to accelerate and execute their growth strategy for the business.”
The Blackburn-born brothers, among the richest families in the UK with an estimated worth in excess of £1billion, have recently been diversifying their interests from their main business.
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