Zuber Issa in Parallel Transactions Involving Asda and EG Group

June 7, 2024

Cleary Gottlieb is representing Zuber Issa CBE in two parallel transactions involving the sale of his shares in the Asda Group to funds managed by TDR Capital and Zuber’s £228 million acquisition of EG Group’s remaining UK forecourt business and certain standalone foodservice locations.

The former transaction brings the ownership of Asda to 67.5% by TDR Capital, 22.5% by Mohsin Issa, and 10% by Walmart Inc. Mohsin Issa remains a co-owner in Asda alongside TDR Capital. The transaction is set to complete in Q3 2024.

On completion of the latter transaction, Zuber will step down as co-CEO of EG Group, with Mohsin Issa continuing to lead the business as sole CEO. Zuber will retain his existing shareholding in the company and remain on the board as a non-executive director. TDR Capital and Mohsin’s shareholdings in EG Group also remain unchanged. The transaction is expected to complete in the second half of 2024.

Zuber and Mohsin co-founded EG Group in 2001 and under their leadership, the business has grown from a single site in the north of England to a global company with more than 5,500 locations. With a diversified portfolio across three continents—North America, Europe, and Australia—EG Group continues to progress its proven strategy to roll out foodservice, and grocery and merchandise to create multi-purpose convenience retail sites across its international estate. EG Group is the third-largest independent convenience retail chain globally, the fifth in the U.S., and second in Continental Europe and Australia. The business will maintain a presence in the UK through Cooplands, its wholly owned bakery business, the group’s rapidly growing charging business, evpoint, and its Starbucks franchise business.

For more information, please see the press releases here and here.