KPMG Delays Audit of Asda Owner EG Group Because of Pandemic
(Bloomberg) -- KPMG has delayed EG Group’s audit results because of the Covid-19 pandemic, according to people familiar with the matter.
The auditor, which replaced Deloitte in October, needed further time to assess the scale of the business, said the people, who aren’t authorized to talk about it and asked not to be identified.
Separately, the company will sell the equivalent of $1.8 billion of debt to fund acquisitions, the people said. EG Group, which owns Asda supermarkets, has already acquired about $1.65 billion of of Asda’s assets and OMV’s German Gas Stations, according to data compiled by Bloomberg.
The new debt will be split between first- and second-lien facilities, with 675 million pounds ($956 million) of privately-placed five-year senior-secured bonds, $450 million of five-year senior term loans and 330 million euros ($404 million) of six-year second-lien term loans, the people said.
Representatives for EG Group and KPMG didn’t immediate reply to requests for comment.
©2021 Bloomberg L.P.