Asda has been ‘sold’ by parent Wal-Mart to investment subsidiary Corinth Services in a £6.9bn deal.

The deal, which took place in August, was described as part of a “group restructuring” and means Asda remains under the control of the US retail giant.

Andy Bond – who was already a director of Corinth – has been joined on the investment group’s board by retail director Andy Clarke, the Daily Telegraph reports, as well as a clutch of other Asda directors.

“From 2009 Corinth is the new parent company of Asda Group, having previously been a subsidiary,” a spokesman for Asda said.

“As part of good financial management of our business we will, from time to time, alter that structure as appropriate. Such alterations depend on the a variety of factors, including the cash, debt and interest positions in the various group companies.”

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