Retail giant Walmart Inc. will sell its UK unit Asda to Indian-origin billionaire Issa brothers—Mohsin and Zuber Issa—along with investors TDR Capital for an enterprise value of around $8.8 billion. Mohsin and Zuber are founder and co-CEOs of EG Group, a global convenience and forecourts retailer, headquartered in Blackburn, UK. Their parents had moved to the UK from Gujarat in the 1970s.

Under the new ownership structure, the Issa brothers and TDR Capital are acquiring a majority ownership stake in Asda said a joint statement, adding that Walmart will retain an equity investment in the business, with an ongoing commercial relationship and a seat on the Board.

“Walmart Inc., Asda Group Limited, the Issa brothers and TDR Capital announced thata-the Issa brothers, founders and co-CEOs of EG Group, a global convenience and forecourts retailer, headquartered in Blackburn, UK, and investment funds managed by TDR Capital LLP, a leading UK-based private equity firm, have together agreed to acquire Asda, Walmart’s wholly-owned UK business, for an enterprise value of 6.8 billion pound (around $8.8 billion), on a debt-free and cash-free basis,” it said. The statement said that Asda will remain headquartered in Leeds, from where it built its heritage and roots, and will continue to be a significant contributor to the UKa-economy and tax base. The business will continue to be led by Roger Burnley who will form part of Asda’s Board alongside representatives appointed by the Issa brothers, TDR Capital and Walmart.

“At a time of evolution in the UK food retail sector, the new owners will continue to build a strong and successful business, benefiting from fresh capital and expertise, as well as valuable links with the world’s largest retailer,” it said.