Sainsbury's Proposed Merger With Asda Could Be Game-Changing if Approved by CMA; Shares Jump
Sainsbury's released details of its proposed merger with Asda, valued at GBP 7.3 billion on a cash-free, debt-free, pension-free basis or 5.8 times fiscal 2017 EBITDA. The merger, if approved, will create the largest U.K. grocer with a combined market share of 31.4% versus 27.6% for Tesco. Although we are still investigating the impact on our fair value estimate, we anticipate increasing our uncertainty rating to very high from high, as there is elevated uncertainty regarding the likelihood of t...J Sainsbury is principally engaged in food, general merchandise and clothing retailing and financial services. Co. is organized into four operating segments: Retail (Food), which provides a range of food, including organic produce; Retail (General Merchandise and Clothing), which provides a range of products across home, clothing, technology and leisure; Financial Services (Sainsbury's Bank plc and Argos Financial Services entities), which provides products such as credit cards, insurance, travel money and personal loans; and Property Investment (The British Land Company PLC and Land Securities Group PLC joint ventures). At Mar 11 2017, Co. had 605 supermarkets and 806 convenience stores.
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