Asda and EG group to form a £10bn business
Combination would create a group with 581 supermarkets, 700 forecourts and more than 100 c-stores.
Asda is finalising a deal to buy its sister business EG Group’s UK and Irish petrol forecourts in a deal worth £3 billion, allowing the supermarket and convenience business to grow.
Both companies are understood to be about to reveal a £10 billion merger of their UK operations.
The two groups are owned by the billionaire Issa brothers and the private equity firm TDR Capital, and are chaired by former Marks & Spencer boss Stuart Rose, reports Sky News.
Their combination would create a group with 581 supermarkets, 700 petrol forecourts and more than 100 convenience stores.
One hundred and fifty “Asda On the Move” convenience stores have been opened in its petrol stations, with hundreds more planned.
Asda was bought out by the billionaire Issa brothers and the private equity firm TDR Capital for almost £7 billion in 2020.
