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J Sainsbury agrees to £3.5 bn financing for Asda merger
16
Jul '18
Courtesy: Asda
Courtesy: Asda
J Sainsbury plc has agreed for a financing package of £3.5 billion in the proposed combination with Asda Stores Ltd, Walmart’s UK subsidiary, working with its existing banks and new institutions. Sainsbury's revolving credit facility will rise from £1.45 billion to £2.0 billion at transaction close, providing further financial flexibility to the joint group.

J Sainsbury said in a release that it is on track to achieve £200 million of cost savings this year.

Walmart had said on April 30 that it will sell its UK business, Asda, to Sainsbury in a deal worth £7.30 billion.

J Sainsbury said it expects to open around 90 Argos stores in Sainsbury's supermarkets in the fiscal 2018-19, which will take the total to around 280. (DS)

Fibre2Fashion News Desk – India


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