Walmart sells UK supermarket Asda for $8.7 bn

US retail giant Walmart has agreed to sell its British supermarket chain Asda to two UK firms for £6.8 billion ($8.7 billion, 7.4 billion euros), they announced Friday.

The Issa brothers, who run petrol stations and food outlets worldwide, have joined with private equity firm TDR Capital to purchase Asda which last year regulators blocked from merging with British supermarket group Sainsbury’s.

While the UK groups are acquiring a majority stake in Asda, Walmart will retain an investment and have a seat on the new board, the statement added.