Zuber Issa, the 51-year-old petrol stations tycoon, is nearing the sale of his 22.5% stake in Asda to TDR Capital.
This deal, as reported by Bloomberg, would significantly bolster the private equity firm's control over Britain's third-largest supermarket chain, with TDR's stake potentially rising to around two-thirds.
Zuber Issa, 51, and his older brother Mohsin, 52, joined forces with TDR in the £6.8 billion leveraged acquisition of Asda from Walmart, the American retail group, in 2021.
It is anticipated that Walmart will maintain a stake of approximately 10% in Asda, while Mohsin Issa will retain his 22.5% holding, leaving the remainder in the hands of TDR.
Zuber Issa had been approaching retailers and private equity companies with proposals to sell the stake for more than £500 million, according to a recent report in the media.
The plan for him to sell his stake comes amid wider changes in the leadership and ownership structure of both the supermarkets chain and EG Group, the petrol stations business that the brothers sold to Asda last year.
Reports this month indicated that Zuber Issa is considering stepping down from his role as co-chief executive of EG Group. If he proceeds with this plan, his older brother will assume sole leadership of the company.
