Walmart's Asda Merger Enables It To Focus International Spend on the Highest Return Opportunities
Wide-moat Walmart has announced its intent to combine Asda Group (5.3% of consolidated sales) and no-moat Sainsbury for EUR 7.3 billion ($10 billion), creating the largest grocer in the U.K. with a combined market share of nearly 31%--above the 28% held by Tesco-Booker. The deal (slated to close in the second half of calendar 2019) is structured such that Walmart will own 42% of the combined entity (and is unlikely to consolidate its U.K. operations, rather will be accounted for as a minority in...Walmart is engaged in global operations of retail, wholesale and other units, as well as eCommerce, located throughout the U.S., Africa, Argentina, Canada, Central America, Chile, China, India, Japan, Mexico and the U.K. The company's operations are conducted in three reportable segments: Walmart U.S., which is a mass merchandiser of consumer products, operating under the Walmart and Walmart Neighborhood Market brands, as well as walmart.com, jet.com and other eCommerce brands; Walmart International, which includes various formats divided into retail, wholesale and other categories; and Sam's Club, which is a membership-only warehouse club that also operates samsclub.com.
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