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Walmart Inc. (“Walmart”), Asda Group Limited (“Asda”), the Issa brothers, and TDR Capital LLP, a leading UK-based private equity firm, announced that the Issa brothers, founders and co-CEOs of EG Group, a global convenience and forecourts retailer headquartered in Blackburn, UK, and investment funds managed by TDR Capital LLP, a leading UK-based private equity firm, have agreed to buy Asd

The Issa brothers and TDR Capital are acquiring a majority interest in Asda under the new ownership structure. The walmartone uk will keep an equity stake in the company, as well as a commercial partnership and a seat on the board of directors.

The new owners will continue to create a strong and profitable business, benefiting from fresh cash and expertise, as well as significant linkages with the world's largest retailer, at a time when the UK food retail sector is evolving. TDR Capital will help the Issa brothers maintain and accelerate Asda's current strategy, which is based on providing cheap pricing and convenience to customers wherever they buy. Asda will continue to work closely with suppliers to give consumers with the best value ranges in the categories that matter most to them under the new ownership.

Asda has shown incredible resilience throughout the COVID-19 epidemic, nearly doubling its online operations in a matter of months, thanks to CEO Roger Burnley and his management team. Asda will continue to invest in speeding its omnichannel offer and improving the robustness of its supply chain, including buying more food from UK farmers and retaining its commitment to supporting domestic suppliers and small companies, thanks to the support of its new ownership.

Asda's headquarters will stay in Leeds, where it began its history and roots, and the company will continue to make a substantial contribution to the UK economy and tax base. Roger Burnley, who will join Asda's Board of Directors alongside members from the Issa brothers, TDR Capital, and Walmart, will continue to lead the company.

The Issa brothers will offer considerable extra knowledge, particularly in convenience retail and brand relationships, to Asda, drawing on their experience developing a worldwide convenience retailer with more than 6,000 locations. They are well positioned to assist Asda in designing and launching a compelling convenience retail concept, as well as provide advice on the formation of strategic brand relationships that will better enable Asda to serve numerous customer missions. The Asda leadership team and the company's new ownership will focus on developing a differentiated operating model that will deliver competitive outperformance and long-term growth through these and other measures.

The company will now be run by its new owners, who will:

• Maintain competitive pay levels for Asda colleagues and continue to provide exciting and enriching employment opportunities

• Invest over £1 billion in Asda over the next three years to further strengthen the business and its supply chain

• Continue to offer low prices across its stores and product categories for its customers

• Ensure that the current management team, led by Roger Burnley, is supported

Retain Asda's industry-leading supplier payment terms

Maintain its commitment to its Create Change for Better program, which helps people living below the poverty line in the UK and supports local communities, among other good causes, with Walmart's continued support and involvement as an investor and partner, allowing Asda access to global innovation and buying power.