EG Group to acquire Asda forecourts in £750m deal
Euro Garages’ parent company EG Group has agreed a deal to acquire Asda’s petrol filling stations, car washes and ancillary land for £750m.
In October 2020, for the shareholders in EG Group, the Issa brothers and TDR Capital, to take over Asda Group – although EG’s acquisition of the forecourt business is dependent on CMA regulatory clearance being received by the shareholders for the acquisition of Asda. Pendingthese approvals, the transaction is expected to close in the second quarter of 2021.
In its statement the EG Group said: “A detailed integration plan will ensure a seamless transition into EG Group’s UK operations, which have successfully integrated four significant acquisitions since 2015. The forecourts, which will remain an integral part of the broader retail locations where they are situated, will continue to be Asda branded and will remain a price leader in the fuel market.”
Zuber Issa CBE and Mohsin Issa CBE, co-founders and co-CEOs of EG Group, said in a joint statement: “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.”
Asda has 10 forecourts in Northern Ireland.