Walmart Is One Step Closer to Selling Asda

By Sheridan Fifer

Walmart has announced that it has chosen preferred bidders for the UK business: private equity firm TDR Capital and the brothers Mohsin and Zuber Issa, who together own the gas station chain Euro Garages.

Walmart has owned Asda for twenty-one years. Last year, the UK's Competition and Markets Authority (CMA) struck down a proposed merger between Asda and Sainsbury's, concerned that prices would rise and quality would suffer as a result of the deal. But an acquisition of Asda by the owners of the gas station chain could also draw the attention of regulators, possibly requiring divestments from the parties involved. 

The deal is expected to value Asda, the UK's third-largest supermarket chain, at around £6.5 billion ($8.4 billion).

Read the full story at Business Insider.