CMA clears billionaire Issa brothers’ Asda takeover

by DailyBriefers
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The Competition and Markets Authority has cleared the billionaire Issa brothers’ £6.8bn takeover of Asda.

The competition watchdog said on Wednesday that it has accepted the brothers’ proposal to sell 27 of their petrol stations to alleviate competition concerns. As result, it will not be referring the deal for an in-depth investigation.

Issa brother Mohsin and Zuber teamed up with investment funds managed by private equity firm TDR Capital last year to buy Asda from US owner Walmart.

However, the CMA said in April that the deal raised competition concerns as it could increase petrol prices, and would be referred to a phase 2 investigation unless the parties offered “acceptable undertakings”.

In a joint statement, TDR Capital and the brothers said: “We welcome the CMA’s announcement today marking the end of its review process and acceptance of our proposed undertakings.

“We can now push ahead with our exciting plans for Asda and look forward to working with the Asda management team to invest in the business to drive growth, including continuing to accelerate Asda’s online offer, sourcing more food from UK farmers, and bringing enhanced convenience to customers.”

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