17th Mar 2020 10:25
(Alliance News) - Walmart Inc's Asda is attracting the attention from buyout firms, Bloomberg reported on Monday, with three potential buyers tabling bids for the UK grocery chain.
According to Bloomberg, US-based Apollo Global Management Inc and Lone Star Funds have both made offers, likewise UK private equity firm TDR Capital. TDR Capital owns Stonegate, which operates the Slug & Lettuce bar chain.
A source told Bloomberg that a potential deal could value Asda at USD8.6 billion.
https://www.bloomberg.com/news/articles/2020-03-16/buyout-firms-said-to-bid-for-walmart-s-u-k-grocery-chain-asda
Walmart has been attempting to sell Asda for nearly two years, including Asda's failed merger with J Sainsbury PLC, to free up cash to send back to the US.
Back in February, it confirmed it was in talks with investors to sell a stake in the UK supermarket.
Walmart shares closed 6.4% lower at USD106.76 each in New York on Monday. In pre-market trade on Tuesday, the stock climbed 3.1% to USD110.09.
By Eric Cunha; ericcunha@alliancenews.com
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