TDR, Lone Star and Apollo make bids for Asda

Walmart is selling its majority share in the company and could command more than £7bn for the asset, according to press reports.

TDR is working with forecourt convenience retailer EG Group – its portfolio company – on its offer. The firm is also currently investing from its TDR Capital IV fund, which closed on €3bn in March 2017.

Apollo is currently investing from its Investment Fund IX, which closed on $24.6bn in July 2017.

Lone Star, which primarily invests in distressed opportunities, is investing from its Lone Star Fund XI; the vehicle held a first close on $2.9bn in October 2018.

Advent International, Blackstone Group, Carlyle Group, CVC Capital Partners, KKR and Permira all opted not to make offers, according to a report by the Times.

Asda was taken private by Walmart in a £6.7bn ($8.6bn) deal in 1999.

In February 2020, Rothschild was mandated to explore a disposal or IPO, and Walmart said in a statement that it was leaning toward a stock market flotation.

TDR and Apollo declined to comment, while Lone Star was unavailable for comment.

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• Topics
• Buyouts
• UK / Ireland
• Consumer
• United Kingdom
• TDR Capital
• Apollo Investment Corporation
• Lone Star Funds