Issa brother close to shaking hands on deal to sell his £500m stake in Asda
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One half of the billionaire Issa brothers, Zuber is close to selling his stake in supermarket giant Asda, according to reports.
The Issa brothers, Mohsin, 51, and Zuber, 50, from Blackburn acquired Asda from Walmart in February 2021 after growing their company Euro Garages (later named EG Group) since 2001.
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Hide AdYet the brothers have endured a strained relationship recently after Mohsin is said to have caused a rift after his marriage came to an end.
Speaking to the BBC, Mohsin dismissed rumours of a rift with his brother Zuber, saying the pair ‘get on exceptionally well’.
He said: “We talk to each other probably two or three times a day. We've been very, very privileged. We have been on a journey and we have got a long way still to go.
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Hide Ad“We have had a sense of luck as we have been in the right place at the right time and taken advantage of some of these opportunities."
The Standard, have now reported that Zuber is nearing the sale of his stake to private equity from TDR Capital.
The sale of the 22.5% stake, estimated to be worth £500m, would make TDR majority stakeholders and the agreement could be announced in coming weeks.
TDR’s holding in Asda would rise to about two-thirds, while the transaction would further the dismantling of the relationship between brothers Zuber and Mohsin Issa.
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Hide AdZuber Issa began talks earlier this year about selling his stake in Asda, and plans to step back as co-chief executive officer of EG Group.
Mohsin Issa has also stated his intent to hand over the running of the UK's third-largest supermarket with a search to find a new CEO for Asda already under way.
After the sale is complete, Walmart will retain its 10% stake in the grocer, with Mohsin owning 22.5% and TDR the rest.
Representatives for TDR Capital, Asda and the Issa brothers have been approached for a comment.
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