Asda co-owner Zuber Issa exits, sells stake to TDR Capital

7th Jun 2024 11:33

(Sharecast News) - Asda's co-owner Zuber Issa has sold his 22.5% stake in the company to TDR Capital, giving the private equity firm a majority shareholding in the supermarket group.

TDR Capital, which became Asda's owner in June 2021 alongside brothers Zuber and Mohsin Issa following their £6.8bn joint buyout of the chain from Walmart, now holds a 67.5% shareholding. No financial information was given by Asda regarding the purchase price.

Mohsin has retained his 22.5% stake, while Walmart remains a 10% equity holder.

The news coincided with Zuber's announcement to step down as co-CEO of petrol station forecourt empire EG Group, which he and his brother founded in 2001, after reaching an agreement to buy EG's UK forecourt division for £228m.

Zuber's exit from Asda is the latest move by the billionaire brothers to split their jointly held assets which they have amassed over the past two decades, with EG Group owning more than 5,500 locations across three continents.

"With the divestment of my Asda shares, I will now turn my attention towards leading and managing the remaining EG UK forecourt sites that I have personally acquired, and spend more time on my charitable endeavours," Zuber said in a statement.

Zuber will keep his shareholding in EG Group and remain on the board as a non-executive director.