The £6.8bn takeover of Asda has been named as Deal of the Month for June.

Euro Garages owners Mohsin and Zuber Issa, and investment funds managed by private equity firm TDR Capital, completed a deal to acquire the chain from US owner Walmart for an enterprise value of £6.8bn, on a debt-free and cash-free basis.

During June the Competition and Markets Authority (CMA) confirmed it would not be undertaking an in-depth investigation into the deal.

The brothers and TDR Capital had jointly offered undertakings to the CMA, which involve divesting 27 EG Group petrol filling stations.

At the time of the CMA’s announcement, TDR and the Issa Brothers said in a joint statement:  “We can now push ahead with our exciting plans for Asda and look forward to working with the Asda management team to invest in the business to drive growth, including continuing to accelerate Asda’s online offer, sourcing more food from UK farmers, and bringing enhanced convenience to customers.”

Read more/Source: Insider Media Limited