The Latest Breaking News from TDR Capital

Zuber Issa reportedly in talks to offload 22.5% share of supermarket in parting of ways with co-owner brother

The co-owners of Asda, private equity firm TDR Capital, got a grilling before Parliament on Tuesday. They sought to convince the Business and Trade Committee that they were maximally transparent with the business — even though most of their activities are based in Jersey where they don’t have to disclose…

Blackburn’s Moshin and Zuber Issa took over the supermarket promising investment to make it the UK’s second-largest chain, but the pandemic and cost of living crisis meant it did not go to to plan

BusinessLive has taken a look at the deal in depth and what it could mean for each company and their customers

Mohsin and Zuber Issa started out with a single petrol station forecourt in Bury, Greater Manchester more than 20 years ago

The deal is expected to be completed in the fourth quarter of 2023

Deal would help Asda move into convenience retailing and cut costs at merged entity by about £100m, as well as reduce EG’s debts

Both EG Group and Asda are chaired by former Marks & Spencer and Ocado Group chair Lord Rose

Asda is owned by the billionaire Issa brothers and TDR Capital

If a merger is completed, it would create a group with 581 supermarkets, 700 petrol forecourts and more than 100 convenience stores

The billionaire Issa brothers bought Asda alongside private equity backers TDR Capital in early 2021