(Alliance News) - Lone Star Funds has dropped out of the race to acquire UK grocer Asda after being unable to match the price sought by owner Walmart Inc, the Telegraph reported on Tuesday.
The US private equity firm was seen as a frontrunner along with asset manager Apollo Global Management Inc after Walmart restarted an auction for a majority stake in Asda following a pause during the lockdown period.
The US retailer was forced to put Asda back on the market after a merger with J Sainsbury PLC was blocked last year by the UK Competition & Markets Authority with the regulator finding the merger would leave customers worse off.
UK-based private equity firm TDR Capital LLP also remains in the running for Asda.
By Ife Taiwo; firstname.lastname@example.org
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