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Issa brothers complete Asda buyout

The billionaire Issa Brothers have taken on £3.5 billion of debt financing in order to complete their takeover of supermarket chain Asda. The EG Group owners had already agreed to a £750 million deal to buy Asda’s petrol forecourt operations and have said that, alongside partners TDR Capital, they intend to sell and then lease back some of the petrol stations and distribution sites once their takeover is complete.

In a joint statement Mohsin and Zuber Issa said: “Looking ahead, and subject to the required regulatory approvals, we look forward to working with our Asda colleagues to build an even stronger, more differentiated retailer.” The brothers say they will invest more than £1 billion in the next three years to further strengthen the business and its supply chain.