Zuber owned 22.5% of the Leedsbased grocery chain after a £6.8bn takeover with his older brother, Mohsin, and TDR three years ago. The sale of his stake had been expected for months, but was thought to have been complicated by lock-in agreements.
The transaction will complete between July and September, after which TDR will increase its stake from 45% to 67.5%, while Mohsin keeps 22.5%. Asda's former owner, the US retailer Walmart, retains its 10% stake.
The brothers, who share a £5bn fortune according to the Sunday Times rich list, grew up in a terrace house in Blackburn, Lancashire.
The pair, who are in their 50s, made their fortune from petrol forecourts, starting their empire with one in Bury, Greater Manchester, after working in their father's garage. After acquiring Asda in June 2021 with TDR, they folded part of their forecourts business, EG Group, into the supermarket chain last year.
This story is from the June 08, 2024 edition of The Guardian.
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This story is from the June 08, 2024 edition of The Guardian.
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