Walmart entertains three bids for Asda

Walmart is reportedly proceeding with a majority sale of its Asda supermarket segment located in the United Kingdom and evaluating three initial bids for the business.

Bloomberg reports Apollo Group Management, Lone Star Funds and TDR Capital submitted first-round offers and have been waved on to the next round. Bloomberg estimates the deal is worth about $8.6 billion, but noted market volatility around the coronavirus outbreak could limit funding access or raise other hurdles with a deal completed in the short-term.

Walmart recently confirmed to the media it was entertaining bids for a majority sales of the business.

The retail giant has not commented on these three offers. But, Walmart made no secret of its disappointment when the merger with Sainsbury’s was prohibited by government officials on market competitiveness.