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PRESS: Apollo Global, Lone Star To Bid For UK Grocer Asda From Walmart

7th Sep 2020 07:37

(Alliance News) - Private equity firms Apollo Global Management Inc and rival Lone Star Funds are preparing takeover offers for UK supermarket chain Asda, the Telegraph reported on Sunday.

Bids for the grocer, which is valued at GBP6.5 billion, are due on Monday, according to the newspaper. Asda is owned by US supermarket operator Walmart Inc.

According to the Telegraph, there is speculation of potential interest from a third bidder such as the owners of EG Group, the Issa brothers.

Walmart is expected to maintain a minority stake in Asda if a private equity sale proceeds, the newspaper added.

The process to sell Asda was launched after merger plans with rival J Sainsbury PLC were blocked by UK regulators in 2019.

https://www.telegraph.co.uk/business/2020/09/06/d-day-looms-asda-takeover-bids/

By Tapan Panchal; tapanpanchal@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.


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