EG Group has agreed to acquire certain assets of Asda, comprising its petrol filling stations, car washes and ancillary land (Forecourt Business) for £750m.
In October 2020, the shareholders in EG Group, the Issa brothers and TDR Capital LLP, had reached an agreement to acquire a majority ownership stake in Asda Group Limited (Asda).
EG’s acquisition of the Forecourt Business is subject to the same CMA regulatory clearance being received by the group’s shareholders for their acquisition of Asda, said EG Group.
”Subject to these approvals, the transaction is currently expected to close in the second quarter of 2021.”
“We are excited to have the opportunity to further strengthen our network in the UK through the proposed acquisition of Asda’s forecourt business, which will enhance our position as a major independent forecourt operator and provide a platform for future growth of the combined network,” said Zuber Issa CBE and Mohsin Issa CBE, co-founders and co-CEOs of EG Group, in a joint statement.