ASDA - comment
ASDA was already looking to appoint a new CEO to replace Mohsin Issa once Project America was complete, and this latest news might push the timing up a bit. Zuber Issa has been trying to sell his 22.5% of the ASDA equity for £500m, implying an equity value of £2.2bn, which equates to an EV multiple of 7.5x. The absence of a sale may be price but is more likely to be a lock-up arrangement as TDR would want some control over another PE group arriving into ASDA. It looks like the Issa brothers will split EG, but how they would do that remains unclear. EG is shedding assets to reduce debt and is looking to exit its Australian business. EG has significant assets in Europe and the US.
https://www.grocerygazette.co.uk/2024/04/08/zuber-issa-eg-group-ceo/