Walmart is still selling Asda, but the two companies are in the process of divesting from one another. As part of the deal, Walmart will sell Asda to a consortium of investors led by private equity firm Apollo Global Management.
The deal is expected to be completed by mid-2021.
Walmart acquired Asda in 1999 for $10 billion. At the time, it was the largest ever acquisition by a foreign company in the UK. Asda was struggling at the time of the acquisition and Walmart injected $2 billion into the company over the next few years.
However, Walmart has been gradually divesting from Asda since 2015. In 2018, it sold a majority stake in Asda to a group of investors led by private equity firm TPG Capital. The deal valued Asda at £6.8 billion.
Now, Walmart is selling its remaining stake in Asda to another consortium of investors led by private equity firm Apollo Global Management. The deal is expected to be completed by mid-2021.
Conclusion: Is Walmart still selling Asda? Yes, Walmart is still selling Asda but the two companies are in the process of divesting from one another.
