EG Group backed as preferred bidder to take over Asda
Euro Garages is in pole position to take over Asda in a £6.5bn deal.
Sky News reports that EG group has been selected by Asda’s owner, the American retailer Walmart, as the preferred bidder for the supermarket group. Run by billionarie brothers Zuber and Mohsin Issa, the group surpassed a rival bid from Apollo Global.
While a deal is yet to be formally struck, City sources confirmed to Sky News that the brothers’ bid was now the leading contender.
The sale of a controlling stake in Asda would see Walmart return to majority British ownership for the first time since 1999.
A deal is still believed to be several days or even weeks away and a transaction is expected to see Walmart a minority stake in Asda.