Asda is set to acquire most of the business of EG Group which comprises fuel, food service, grocery and merchandise arms serving the UK market. Subject to clearance by the Competition & Market Authority, this would see a combined group with sales nudging £30bn and 170,000 employees. The deal is valued at around £2.27bn.
Zuber Issa, co-founder and co-CEO of EG Group said: “This transaction with Asda represents an important step for EG Group. Following this sale, EG Group will benefit from a significantly strengthened balance sheet, supporting the continued roll-out of its successful convenience retail, fuel and food service strategy, and drive innovation to transform the customer experience.
“This includes the ongoing investment and expansion of our EV charging business, evpoint, as well as hydrogen and other substantial fuel retail infrastructure, which we continue to see as a significant future opportunity.”
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