Walmart Sells Underperforming U.K. Business For $8.8 Billion

Walmart Inc.  (WMT) – Get Report reached an agreement Friday to sell its underperforming grocery business in the United Kingdom for around $8.8 billion.

Walmart will sell the U.K. operations, known as ASDA, to a group of private equity buyers lead by TDR Capital and EG Group founders Mohsin and Zuber Issa, for an enterprise value — which includes group debts — of £6.8 billion. 

Walmart said it will retain an unspecified equity stake in the U.K. business, as well as a seat on the ASDA board once the transaction is complete.

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