Billionaire petrol station tycoons, the Issa brothers, have agreed to buy Asda's forecourts in a deal worth £750million.
The move comes just months after the Euro Garages (EG) group - owned by Mohsin and Zuber Issa - and private equity firm TDR Capital, secured a £6.8billion deal to take control of the supermarket's 631 stores.
EG, which operates more than 6,000 forecourts globally, said it expects the petrol station takeover to close in the second quarter, assuming the acquisition of Asda is cleared by the UK's competition regulator.
US giant Walmart, which has owned Asda since 1999, will retain a minority interest in the Big four grocer once the takeover gets the go ahead.
However, it's the first time the chain will be in British ownership in more than two decades.
The forecourts will continue to be branded under the 'Asda' umbrella, a spokesman said.
Asda will continue to operate the distribution assets and the transaction will have no day-to-day impact on the operations of those sites, Asda's supply chain or workforce," EG said.
"Asda is an iconic British business that we have known and loved since we were children," Mohsin and Zuber Issa said.
"We are proud to bring its ownership back to the UK and delighted that, with the support of TDR Capital and Walmart, we can invest in its future.
"Local control means that strategic decisions will be more closely aligned with colleagues, customers and communities."
The Asda board will now comprise of Mohsin and Zuber Issa, TDR Capital partners Manjit Dale and Gary Lindsay, and Walmart executive vice president and chief financial officer Chris Nicholas.
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Asda chief executive Roger Burnley will also join the board.
The transaction remains subject to clearance from the competition watchdog.
"With TDR Capital, our long time partners, we are committed to supporting Roger Burnley, chief executive of Asda, and his team as they continue to reposition the business to drive long-term growth.
"We are putting in place a robust capital structure to support that growth strategy, and we are confident that external investors will share our belief in Asda’s strong fundamentals and exciting future prospects."
The new owners said the chain will undergo a £1billion transformation.
"Looking ahead, and subject to the required regulatory approvals, we look forward to working with our Asda colleagues to build an even stronger, more differentiated retailer – including through the investment of more than £1 billion in the next three years to further strengthen the business and its supply chain.
"We are also excited about the proposed integration of the Asda forecourts into EG’s established UK operations, which we believe would underpin the future growth of the combined network."
Walmart, which purchased Leeds-based Asda in 1999, put the chain on the market last July, a year after the UK's competition watchdog blocked a merger with rival chain Sainsbury's.
An investigation by the competition markets authority (CMA), ruled that the takeover would have resulted in "increased prices, reduced quality, or a poorer shopping experience" for customers.
However Sainsbury's CEO Mike Coupe accused the regulator of taking money out of people's pockets.
"The CMA is effectively taking £1billion out of customers' pockets," he said.
The CMA is now investigating whether the latest takeover will head to higher prices for consumers. An outcome is expected in the next three months.
