Final seal of approval for Issa brothers’ Asda takeover
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The Issa brothers’ £6.8bn deal to buy Leeds-headquartered Asda has secured its final approval today from the Competition & Markets Authority. (CMA)
The CMA has accepted undertakings for the acquisition by Bellis, the company run by the owners of Blackburn-based forecourt business EG Group, supported by investment fund TDR Capital.
The authority had already indicated last month that it could accept a proposal to sell off 27 garages to address concerns over prices at petrol pumps.
In an update issued today the CMA states: “The CMA considers that the undertakings given by the Issa Brothers
and TDR are appropriate to remedy, mitigate or prevent the substantial lessening of competition, or any adverse effect which has or may have resulted from the transaction, or may be expected to result from it.”
The deal to acquire Asda and bring it back into British ownership was announced in October, and valued the supermarket business at £6.8bn.
The billionaire brothers, Mohsin and Zuber Issa, committed to keeping Asda’s headquarters in Leeds and said they would be investing to grow its convenience and online operation.