Walmart reportedly puts efforts to sell Asda on hold

Walmart’s ongoing efforts to sell a majority stake in its U.K. supermarket chain ASDA may have been put on the back burner for the time being. 

The retail giant hit the pause button in order  to free up its leadership team  to focus their full attention on  managing the business amid big spikes in demand for groceries and other essential items caused by the COVID-19 pandemic, reported CNBC.

Last April, UK Competition and Markets Authority blocked the planned merger between J Sainsbury and Asda unit, saying it would lead to higher prices in stores and online and at many petrol stations along with lower quality goods. 

Asda had attracted significant interest from private equity firms, which were valuing the grocer at as much as $9 billion, according to the CNBC report.