By Annisa Essack

05:10:2020

Asda, a subsidiary of U.S. company Walmart has been bought up by two Muslim, billionaire brothers from Blackburn in a £6.8bn deal.

The Issa brothers own EG Group, which owns more than 5200 petrol stations across the UK and Europe.

Zuber and Mohsin Issa, together with private equity firm TDR Capital will take a majority stake in Asda. However, both companies declined to comment on how the deal would be funded. However, on announcing the deal, Walmart, said that the headquarters would remain in Leeds and its CEO, Roger Burnley, would be retained in his position.

Mohsin and Zuber Issa said they wanted to support Asda’s management to achieve long-term growth.

Zuber, 48 and Mohsin Issa, 49, started their business in Bury, Greater Manchester with a single petrol forecourt in 2001. Today, the consortium of Zuber and Mohsin Issa, with an estimated fortune of £3.56bn own more than 5,200 petrol stations, mainly in Europe and the U.S., and employs more than 33,000 people.

The brothers own 50% of their enterprise between them, split equally, with the other half owned by TDR Capital – €8bn investment firm which owns David Lloyd gyms.

They donate 2.5% of their wealth each year to their own charitable foundation, which funds projects in the UK and abroad. In 2019, they donated £20m.