MFG becomes British mammoth with $3.2bn Morrisons deal
MFG will invest and install ultra-rapid EV charging infrastructure across the sites acquired from Morrisons.
Motor Fuel Group (MFG) is significantly expanding its fuel and charging capabilities with the acquisition of assets from Morrisons in a deal worth £2.5 billion ($3.2bn).
Both companies announced a deal that included the acquisition of 337 Morrisons petrol stations (including fuel, stores and ancillary services) and more than 400 associated sites for ultra-rapid EV charging development.
“This strategic acquisition, and the resulting partnership with the highly respected Morrisons brand, is the next major growth investment for MFG. It is anchored in the potential for us to accelerate the roll-out of Ultra-Rapid EV charging infrastructure across the UK while also giving customers a first-class retail offer,” said William Bannister, CEO of MFG.
The proposed £2.5bn transaction forms a new strategic partnership between the two companies. As part of the transaction Morrisons will take a minority stake of approximately 20% in MFG, and enter into commercial and supply agreements with MFG, underscoring the long-term nature of the commercial partnership.
“As the needs of the customer continue to evolve, Morrisons and MFG’s partnership will see us combine our respective expertise and resources to deliver the best value for customers at the pump, in our convenience stores and in our supermarket,” said Rami Baitiéh, CEO of Morrisons.
This level of investment will position MFG as one of the largest and most significant ultra-rapid EV charge point operators in the UK, with over 1,300 sites serving and powering millions of customers a week. MFG will also grow to become the UK’s number two convenience store operator serving communities across the country.
