Walmart has halted moves to sell a majority stake in its UK business so it can focus fully on its response to the Coronavirus (COVID-19) pandemic, according to press reports.
No rush to resume sale process
Sources at the retailer, speaking to CNBC under condition of anonymity, said the sale process has been paused to allow the leadership team to concentrate fully on the day to day running of the business. A source indicated Walmart was in no rush to resume the sale preparations.
Significant interest in Asda from private equity
Asda has attracted interest from a number of private equity firms and prior to the pandemic outbreak, a bid of at least US$9 bn was thought necessary to secure the business.
It is understood last month that three buyout specialists, Global Asset Management, Lone Star Funds and TDR Capital with EG Group, had been invited to take part in a second round of bidding. For more details, click here.
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