Walmart sells the British supermarket Asda for $8.8 billion.

Walmart has agreed to sell its majority ownership stake in the British supermarket Asda for 6.8 billion pounds, or $8.8 billion.

The new owners will be Zuber and Mohsin Issa, two brothers who are also the founders of EG Group, a large chain of gas stations and fast food outlets across Europe and the United States, backed by the British private equity firm TDR Capital.

Walmart will keep a stake in the business and a seat on the board, the company said on Friday. The U.S. retailer bought Asda in 1999, its first move into Britain, for just over $10 billion.

The deal is Walmart’s second attempt to sell Asda in recent years: It struck an agreement to sell the business to J Sainsbury, a major British rival, for £7.3 billion in 2018, only for Britain’s competition regulator to block the transaction last year because of potential price increases for consumers. The two supermarkets have jostled between being Britain’s second and third largest stores, behind Tesco.

The companies said they expected the sale to be completed in the first half of 2021, subject to regulatory approval.

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