UK: ADNOC in line to buy MFG business
The UK’s biggest independent petrol station operator is valued at £5 billion.
Abu Dhabi National Oil Company (ADNOC) is considering a multibillion pound takeover bid for Motor Fuel Group (MFG), the United Kingdom’s biggest independent petrol station operator.
The oil giant from the United Arab Emirates (UAE) is lining up bankers to work on a potential offer for MFG for around £5 billion (€5.8BN), reports Sky News.
MFG has committed to spending £50 million this year on installing hundreds of electric vehicle charging points across its network of 900 stations. Through acquisitions, the MFG has grown to be the biggest independent player in the fuels the sector.
In the UAE, the company opened three new stations in the first quarter of 2022, taking its total domestic network to 464.
People close to the process cautioned that a sale was not certain to go ahead, given difficult financing markets.
