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Walmart Inc NYSE:WMT NYSE Common Stock
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U.K. Regulator Minded to Accept Issa Brothers, TDR Undertakings Over Asda Takeover

05/05/2021 12:01pm

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By Ian Walker

 

The U.K. Competition and Markets Authority said Wednesday that undertakings provided by the Issa brothers and TDR Capital LLP could be enough to satisfy its concerns over their 6.8 billion pound ($9.44 billion) acquisition of U.K. grocer Asda Group.

The regulator said on April 20 that it was concerned that the acquisition could lead to higher petrol prices in some parts of the country. Specifically it said the raised local competition concerns in the supply of road fuel in 36 areas across the U.K., and the supply of auto-LPG fuel in another area.

The CMA said Wednesday that the brothers have offered to sell 27 EG Group Ltd. petrol filling stations.

The brothers and TDR said that they have been "comforted by the significant interest" received from potential buyers, but couldn't provide any detailed information on specific sites due to the ongoing CMA investigation.

"Over the coming months, we are confident that we will be able to agree a sale to suitable operators to take over all identified sites," they said in an emailed statement.

The CMA has 40 days to consider the undertakings offered before making a final decision on the deal.

On Oct. 3, Walmart Inc. agreed to sell Asda to TDR Capital, a Europe-focused buyout firm, and U.K.-based entrepreneur brothers Mohsin and Zuber Issa.

 

Write to Ian Walker at ian.walker@wsj.com

 

(END) Dow Jones Newswires

May 05, 2021 06:46 ET (10:46 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

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