Walmart plans to sell a majority stake in its UK supermarket chain Asda reports Sourcing Journal. The deal worth $8.79 billion is likely to be bagged by Issa Brothers and TDR capital. Walmart will retain an unspecified minority investment. The new owners are planning to invest over $1.29 billion in the business and help keep prices low, a move that also is expected to help keep its supply chains intact.

Walmart acquired Asda in July 1999 for $10.8 billion. The deal benefited both companies more so Walmart who was known for its pile it high and sell it cheap strategy. The retailer currently plans to sell Asda’s George apparel line for men’s wear. According to Charlie O’Shea, Vice President and Senior Credit Officer, Asda sale will allow Walmart to refocus on markets with more long-term upside, such as India and China.

While full financial terms have not been disclosed, Walmart has acknowledged it will retain a minority stake, board representation and remain active as a strategic partner via logistics and sourcing. The retailer will take a non-cash charge of around $2.5 billion, in addition to Asda’s ongoing pension settlement.