A consortium of Zuber and Mohsin Issa and private equity firm TDR Capital will take a majority stake in Asda.
It means the grocer will return to majority UK ownership for the first time in two decades.
The Issa brothers own EG Group, which has more than 5,200 petrol stations across the UK and Europe.
A spokesperson for the Issa brothers and TDR Capital declined to comment on how they are funding the deal. Walmart said that, under the new owners, Asda will invest £1bn in the supermarket over the next three years.BBC