It’s been a long road for U.K. supermarket chain Asda, but it appears that the grocer could finally be coming under new ownership. This week news sources reported that Walmart is proceeding with its planned sale of Asda after receiving bids from three buyout firms: Apollo Global Management, Lone Star Funds, and TDR Capital.
Each of the aforementioned firms have submitted first-round offers for Asda and have been invited to join the next round of bidding, people familiar with the matter disclosed to Bloomberg. Should one of the firms reach a deal with Walmart, Asda could be valued at more than 7 billion pounds (USD $8.6 billion).
Though bids have been submitted, Walmart could also decide to keep Asda on the market until higher bids are submitted.
Will Walmart finally have a resolution for Asda? And how will this affect the grocery sector in the U.K. and across the world? Deli Market News will continue to report.