Private equity group KKR is exploring a bid for UK supermarket chain Asda after a planned £7.3 billion takeover of the UK’s Sainsbury looks set to collapse.
The US buyout firm is thought to be working with Tony De Nunzio, a former Asda chief executive officer and now a senior adviser to KKR, according to the Financial Times.
The Sunday Times, which first reported KKR’s interest, reported that Tony De Nunzio, a senior adviser at the buyout group, would become the company’s chairman if it manages to strike a deal. Mr De Nunzio served as Asda’s finance director and later its chief executive before stepping down in 2005.
KKR has experience operating in the retail sector. Its acquisition of pharmacy chain Alliance Boots and its subsequent combination with US rival Walgreens stands as its most profitable investment over the past three decades.
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