Asda sale could be confirmed this week

Asda sale Paul Mason Quintain Lone Star Rob Templeman bid Walmart
Following a failed merger with fellow grocer Sainsbury's, Walmart was forced to put Asda back on the market
// Apollo Global Management and Lone Star Funds emerge as frontrunners for Asda buy-out
// Sources believe sale could be confirmed this Friday

The sale of the UK’s third biggest supermarket, Asda, could reportedly be confirmed as early as Friday, September 25.

Asda owner Walmart put the retailer up for sale after its much-discussed merger with Sainsbury’s was blocked by competition authorities last year.

Now sources close to the deal say a decision could be made as early as this week, This is Money reported.

READ MORE: Deadline looms for Asda takeover bids

Both Apollo Global Management and Lone Star Funds have already submitted bids through to value the business of around £6.5 billion.

Debenhams’ former chief executive Rob Templeman has been helping Apollo to oversee their bid.

Templeman has previously worked with Apollo during its ownership of Gala Coral, the bookmaker which is now part of GVC Holdings.

It’s understood that Apollo plans to use Asda’s stores as collateral to raise debt to buy the business.

Meanwhile Lone Star, which owns property firm Quintain, may convert Asda’s freehold sites into mixed-use developments with housing.

Lone Star has recruited former Asda chief executive Paul Mason to assist, who was chief executive at Asda until he stepped down in 2001.

Walmart is expected to maintain a minority stake in Asda after the sale is completed.

It’s thought the US retail giant originally gave bidders a deadline of September 7 for Asda.

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  1. Both bid descriptions referenced here sound awful. Changing up supermarkets into mixed use developments with support from a CEO from 20 years ago seems like a bid of little actual interest in the business itself, with totally irrelevant support. And the other, well, should anyone of former-importance at Debenhams, ever be let near any other business…? Hmm, well they seem to think so. Best of luck ASDA, I think you’re going to need it.

  2. As said above, both these options for ASDA sound awful. Loading a retailer with debt, or selling off for redevelopment. Neither option looks as if they care about ASDA the jobs or retail at all. both will dilute ASDA’s presence resulting in a loss of jobs and market share resulting in less choice for customers. Four to six years after either of these sales go ahead, mark my words ASDA will tank.


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