TDR Capital LLP and The Issa brothers (Mohsin and Zuber Issa) agreed to acquire an unknown majority stake in ASDA Group Limited from Walmart Inc. (NYSE:WMT) for an enterprise value of £6.8 billion on October 2, 2020. The business will be acquired on a debt-free and cash-free basis. The deal will be financed using £4 billion of debt, which consists of a combination of high-yield bonds and leveraged loans, led by Barclays. Under the new ownership structure, the Issa brothers and TDR Capital are acquiring an unknown majority ownership stake in Asda and Walmart will retain an equity investment in the business, with an ongoing commercial relationship and a seat on the Board. Asda will remain headquartered in Leeds and will continue to be led by Roger Burnley Chief Executive Officer of Asda, who will form part of Asda’s Board alongside representatives appointed by the Issa brothers, TDR Capital and Walmart. The transaction is subject to regulatory approvals. The transaction is expected to complete in first half of 2021. The use of cash proceeds will be determined at a later date, but the effects of those decisions are expected to at least partially offset the dilution. As on October 16, 2020, The Issa brothers (Mohsin and Zuber Issa) completed the acquisition of ASDA Group Limited. As on December 8, 2020, Competition and Markets Authority (CMA) has announced it has launched an investigation into the takeover of supermarket giant Asda by the Issa brothers. The CMA announced today it had launched a Phase 1 investigation. The CMA now has until February 18, 2021, to reach a decision on the first stage of its investigation. As on February 2, 2021, the transaction is expected to complete later in February. As per the announcement on February 16, 2021, the end of the preliminary assessment period for CMA is now April 20, 2021. As of February 17, 2021, The Issa brothers' £6.8 billion purchase of ASDA Group has received the approval from the Financial Conduct Authority. The The Issa brothers expect to receive regulatory approval from the Competition and Markets Authority in the second quarter of 2021. Majid Ishaq and Karim Mattar of Rothschild & Co acted as a financial adviser to Walmart and Asda. Simon Sporborg, Max McGahan and Pip Green of Brunswick Group LLP, Nick Bishop, Louise Couch of Morgan Stanley, George Close-Brooks and Luke McMullan of BofA Securities, Inc. and David Levin of Barclays acted as financial advisers to TDR Capital and The Issa brothers. Sally Wokes, Victoria MacDuff, Claire Jackson, Padraig Cronin, Guy O’Keefe, Jane Edwarde, Steve Edge, Charles Cameron, David Ives and Ben Kingsley of Slaughter and May acted as legal advisors to Walmart Inc. George Knighton of Skadden, Arps, Slate, Meagher & Flom LLP and Andrew Weaver of Appleby acted as legal advisors for TDR Capital and The Issa Brothers. David Holdsworth, Rachel Greenhalgh, Emma L. Flett, Timothy Lowe, Cian O'Connor, Colin Sharpsmith, Prem Mohan and Rajinder Bassi of Kirkland & Ellis International LLP acted as legal advisors to TDR Capital LLP. Lazard Ltd (NYSE:LAZ) acted as financial advisor to TDR Capital LLP in the transaction. TDR Capital LLP and The Issa brothers (Mohsin and Zuber Issa) completed the acquisition of an unknown majority stake in ASDA Group Limited from Walmart Inc. (NYSE:WMT) on February 16, 2021. The transaction received approval from the FCA on February 8, 2021 and all deal conditions have been met in full. Lee Medlock of Charles Russell Speechlys LLP acted as due diligence advisor and Latham & Watkins LLP acted as legal advisor to TDR Capital LLP and The Issa Brothers. As on April 20, 2021, The CMA has decided that this merger will be referred for a phase 2 investigation unless the parties offer acceptable undertakings to address these competition concerns. As of May 5, 2021, the remedies were submitted to alleviate competition concerns that were flagged by the UK antitrust CMA. As of June 16, 2021, Competition and Markets Authority (CMA) has now “officially accepted” the undertakings submitted by Issa brothers to overcome competition concerns and the transaction will not sent for in-depth investigation.