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...The Issas have built a retail empire from scratch with the backing of private equity group TDR Capital, with which they co-own both EG and Asda....
...EG Group declined to comment....
...Mohsin Issa, who has been running Asda but intends to relinquish daily control if a chief executive is found, said Asda was a “powerhouse built on rock-solid foundations”....
...Both revenues and adjusted earnings climbed last year, Asda said on Monday, as the group’s low-cost range Just Essentials and the launch of its loyalty app helped drive sales during a cost of living squeeze...
...In 2022, Asda also agreed to buy 132 retail sites from the Co-operative Group. The TDR executives were also questioned over the treatment of Asda workers....
...News round-up Asda seeks to raise £2.6bn to refinance debt burden (FT) Goldman Sachs moves senior banker to Paris in post-Brexit revamp (FT) FDIC ponders tighter checks on big ‘passive’ investors in US...
...Asos, Boohoo and George at Asda have pledged to make only “accurate and clear” environmental claims following an investigation into possible greenwashing by the UK’s competition watchdog....
...Tuesday’s transaction mirrors a deal by rival private equity firm TDR last year, which jointly owns supermarket chain Asda and forecourt business EG Group with the Issa brothers....
Bosses of Woolworths and Coles defend profitability on first day of inquiry
...In India — a global hub for back-office services — more than 5mn people work in IT and business process outsourcing, according to industry group Nasscom....
Legal & General and Abrdn criticise offer as undervaluing UK-listed miner
...Talksport Ltd — which owns Times Radio, Virgin Radio, Talksport and Talkradio — reported a profit of £8.6mn....
...The billionaire brothers, for the unacquainted, own the UK supermarket chain Asda and the petrol stations giant EG Group alongside private equity firm TDR Capital....
...In May this year, Asda bought 350 petrol stations from sister business EG Group, to create a group comprising 700 petrol forecourts....
...Rivals Asda and Morrisons have lost momentum under private equity ownership, weighed down by the increasing cost of servicing debt....
...The combined group would get 46 per cent of forward ebitda from iron ore and 44 per cent from copper, points out Jefferies. To up the price, BHP would need to find some savings there....
...Supermarket Asda will buy EG Group’s operations in the UK and Ireland in a £2.3bn deal that the Issa brothers hope will put their petrol station empire on a firmer financial footing....
...See them juggle key assets Asda and EG Group in a bid to keep their balance! The brothers own the supermarket chain and petrol station operator in partnership with buyout group TDR....
...The acquisition comes as rising interest rates have hit indebted EG Group, which like Asda is jointly owned by the billionaire Issa brothers and private equity firm TDR Capital....
...It drew in investors including US investment group GQG Partners and asset manager Fidelity....
...The IPO prospectus gives a rare insight into the ownership structure of one of Europe’s largest but most discreet buyout groups....
Wealthy customers are pouring more money than ever into customisation, pushing carmakers to invest in supply chains and dedicated teams
...Kaan Peker, analyst at RBC, singled out Glencore and Vale as two potential suitors because of the potential to cut costs by combining the Swiss group’s copper mines with Anglo’s....
...Somebody is buying RuneScape again: Private equity group Carlyle is to sell UK video games maker Jagex to Europe’s CVC Capital Partners in a deal estimated at just below £1bn as interest in the industry...
Shortage of data raises questions over condition of infrastructure as groups seek sharp increases in bills
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