Funds managed by TDR Capital, a UK-based private equity firm, have acquired Zuber Issa’s shares in Asda. Mohsin Issa remains a co-owner in Asda alongside TDR Capital.

The company said in a release that TDR Capital now owns 67.5 percent of Asda with 22.5 percent owned by Mohsin Issa and 10 percent by Walmart Inc. The transaction is set to complete in the third quarter of 2024.

The company added that TDR Capital invested in Asda alongside the Issa brothers, and together they took majority ownership of the business in June 2021. Since then, together with the other shareholders, TDR has supported Asda to accelerate its strategy, with a particular focus on delivering low prices to customers and expanding into the fast-growing convenience retail segment.

Commenting on the development, Gary Lindsay and Tom Mitchell, managing partners of TDR Capital, said: “As majority owners, we will continue to work closely with the Asda management team and colleagues across the business to support the ambitious strategy, which we believe is the right one to continue to move Asda forward.”

“On behalf of the board, I welcome TDR’s increased investment in Asda – which is a clear sign of its commitment to the business. The board and shareholders continue to put in place the building blocks to position Asda for long-term success and that is good news for colleagues, customers, suppliers and other business partners,” added Stuart Rose, chairman at Asda.

Asda said that the company is undertaking an extensive international executive search to find a permanent CEO to lead the business in its next phase of growth. Asda recently announced its full year results, delivering a 24 percent increase in adjusted EBITDA after rent to 1.078 billion pounds, while total sales, excluding fuel, increased by 7.1 percent to 21.9 billion pounds last year, boosted by a strong performance from clothing retailer George at Asda and the supermarket reducing prices on more than 800 popular everyday products in 2023.