One of Blackburn’s billionaire Issa brothers has officially stepped down from his role on Asda’s board of directors after selling his stake in the company to a private equity firm.
In June, it was reported Zuber Issa had sold his stake in Asda to the supermarket giant's private equity backer TDR Capital.
Asda has now announced the sale is complete and TDR Capital has officially acquired Zuber’s shares in the business.
With this purchase, TDR Capital now owns 67.5 per cent of Asda, while Zuber’s brother, Mohsin Issa, holds 22.5 per cent, and US retail group Walmart, the former owner of Asda, retains a 10 per cent stake.
Zuber has also left his non-executive position on Asda’s board of directors.
The board now includes six members: Lord Rose, Alison Carnwath, Mohsin Issa, Rob Hattrell, Gary Lindsay, and Courtney Naudo.
A spokesperson for Asda said: “Following the announcement of the proposed transaction in June, today Asda has confirmed that funds managed by TDR Capital LLP have completed the acquisition of Zuber Issa’s shares in the business.
"This brings the ownership of Asda to 67.5 per cent by TDR Capital, 22.5 per cent by Mohsin Issa, and 10 per cent by Walmart Inc.
"Following the completion of the sale of his stake in Asda, Zuber Issa has stepped down from his non-executive role on Asda’s board.”
It was recently announced Zuber will also step down as co-chief executive of EG Group.
In June, the company announced it had agreed to sell its remaining UK forecourt business and some food service locations for £228 million to Zuber.
Zuber will now lead a new UK petrol forecourt and convenience retail business, including food service, to be branded ‘EG on the Move’.
Mohsin announced Asda chair Lord Stuart Rose was going to take on his executive responsibilities at the supermarket giant, alongside TDR partner Rob Hattrell and the supermarket’s existing management team.
Zuber and Mohsin bought Asda from Walmart in 2020, in a £6.8 billion deal with the backing of TDR Capital.
The private equity firm is also heavily invested in the Issa brothers’ petrol station forecourts business, EG Group.
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