The new owners of Asda have finally revealed how they plan to finance their £6.8 billion takeover by carving out the supermarket’s forecourt business, raising debt and engineering a sale and leaseback of some of its assets.
The billionaire Issa brothers and TDR Capital, who together own EG Group, said that they would sell Asda’s forecourt business to their petrol empire for £750 million, valuing the assets at 11 times their earnings. They will also sell off Asda’s distribution assets to institutional property investors and lease them back to the supermarket, which will raise funds.
Separately the Issa brothers, TDR and Walmart are syndicating €840 million of loans and offering £2.25 billion of senior secured notes and £500 million of senior notes to finance the
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2021-02-03 12:00:00Z
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