Walmart to sell Asda for 6.8bn

Walmart has agreed to sell supermarket giant Asda to a group led by billionaire petrol station tycoons Mohsin and Zuber Issa in a £6.8bn deal.

The Lancashire-based brothers behind petrol forecourt firm EG Group teamed up with private equity firm TDR Capital to make the bid.

The deal brings Asda back into British ownership after more than 20 years as part of US giant Walmart.

Asda’s new owners have committed to keeping the retailer's headquarters in Leeds and said they will invest to grow its convenience and online operations. Walmart will keep a minority stake in Asda and a seat on the board.