Walmart sells its UK supermarket business in $10 billion deal

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Walmart is retreating from Europe, merging its UK supermarket business Asda with rival Sainsbury’s (JSNSF).

In return, Walmart (WMT) will receive £2.975 billion ($4.1 billion) in cash and a 42% stake in the combined business, the companies said in a statement on Monday.

The deal values Asda at £7.3 billion ($10 billion), and creates a mega retailer with 2,800 stores and combined sales of roughly £51 billion ($70 billion).

CNNMoney (London) First published April 30, 2018: 2:23 AM ET



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