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EG Group agrees £750m deal with 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. Subject to these approvals, the transaction is expected to close in the second quarter of 2021. If the deal is approved, EG Group would have around 700 forecourts in the UK, only behind MFG, with more than 900 sites.
When announcing the deal, 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, in a joint statement, commented:
“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.”