Private equity firm TDR Capital LLP has agreed to acquire Zuber Issa’s shares in Asda, becoming the majority owner of the supermarket giant.

The new agreement redistributes the ownership of the grocer to 67.5% by TDR Capital, 22.5% by Mohsin Issa, and 10% by Walmart Inc.

Zuber Issa said the divestment of his Asda shares will allow him to turn his attention towards leading and managing the remaining EG UK forecourt sites that he has personally acquired, and spend more time on charitable endeavours.

He said: “Since Mohsin and I, alongside TDR, took ownership of Asda, we have driven a period of significant investment and entrepreneurial growth activity. Notably, Asda acquired a market-leading UK convenience retail and foodservice store business from EG Group.

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“I am pleased to see TDR increasing its investment in Asda. With Mohsin and TDR’s ongoing focus and shareholding, I am confident that Asda will achieve its growth ambitions.”

Mohsin Issa, who will remain a co-owner of Asda added: “Today’s announcement further underlines my own and TDR’s confidence both in Asda and the UK consumer market.

“As a shareholder group, we are excited about the growth journey we are on. Asda is an iconic British brand and we are committed to setting it up for long-term success and delivering great value for customers across the UK.

“I also want to add my personal support and best wishes for Zuber’s plans as we continue our successful family partnership, working as partners on our personal co-investments, family office philanthropy and Issa Foundation projects.”

In April, Zuber Issa announced he was to step down as co-CEO of EG Group after reaching an £228m acquisition deal for its remaining UK forecourt business and certain standalone foodservice locations.

Zuber is to keep his existing shareholding in EG Group and as a non-executive director, while his brother Mohsin will become sole CEO.

EG said the returns of the divestment will be used to repay debt and help strengthen its balance sheet.