Walmart on Friday announced a deal to sell its U.K. supermarket chain Asda, which finally rids the U.S. retailing giant of a unit it has long wanted to sell.
said it is selling its U.K. supermarket chain Asda in a deal that values it £6.8 billion ($8.8 billion) net of debt and cash. The buyers are the Issa brothers, who co-own a convenience store chain, and the private-equity group TDR Capital.
Walmart said it would retain an equity investment in Asda and a seat on the board.
The new owners say they will invest over £1 billion in the next three years in Asda, to further strengthen the business and its supply chain.
Last year, Walmart’s attempt to merge Asda with rival J Sainsbury
was blocked by U.K. regulators.