THE ISSA Brothers have announced that they have completed their landmark takeover of shopping chain Asda.

The takeover is a huge step for the Blackburn-based EG Group owners, which they founded with a single petrol station in Bury in 2001.

Mohsin and Zuber Issa have now completed the purchase for £6.8 billion alongside partners TDR Capital from from American retail giant Walmart.

In a joint statement issued when the Issa Brothers first signalled their intention to buy the company, they said:“We are very proud to be investing in Asda, an iconic British business that we have admired for many years. Asda’s customer-centric philosophy, focus on operational excellence and commitment to the communities in which it operates are the same values that we have built EG Group on.”

They added: “We believe that our experience with EG Group, including our expertise around convenience and brand partnerships and our successful partnership with TDR Capital, can help to accelerate and execute that growth strategy.

“After a successful period as part of Walmart we are looking forward to helping Asda build a differentiated business that will continue to serve customers brilliantly in communities across the UK.”

In order to raise the funds needed for the deal, the brothers have taken on £3.5 billion of debt financing and raised a record £2.75 billion in junk bond sales.

The Issa Brothers and TDR Capital will now take majority ownership of the company, with Walmart retaining equity in the business and a seat on the board which will allow a commercial relationship to continue.