Walmart Chain Asda Sees Bid from Buyout Firms
BENTONVILLE, AR - In this industry, the word “sale” will quickly attract a swarm of interested buyers, especially in the case of retail heavyweights like Walmart. The retailer has been working to restructure its U.K.-based Asda grocery chain for quite some time now, most recently teasing the possibility of an IPO. More news surrounding the deal surfaced this morning as Walmart announced it is proceeding with the sale, capturing the attention of three buyout bidders.
According to Bloomberg, Apollo Global Management Inc., Lone Star Funds, and TDR Capital each submitted offers for Asda and were officially invited to join the next round of bidding.
While many details are still unclear, reports suggest that Asda could be sold for over $8.6 billion. As talks of the sale continue to circulate, Walmart has positioned itself well for future growth through the Asda chain.
How would this sale impact the U.K. retail sector? And in what ways will Walmart continue expanding? Keep following along with us at AndNowUKnow and you won’t miss a beat.
