Euro Garages Group (EG Group) announced that it had reached an agreement to acquire the majority ownership stake in Asda Group Limited (Asda) including its assets of fuel stations, car washes, and ancillary land (Business forecourts) worth EUR 750 million, according to a press release.
This transaction is expected to be competed in the Q2 2021 upon receiving the needed approvals. The forecourts will continue to be branded as Asda and will remain a price leader in the fuel market, the statement elaborated.
The acquisition is subject to the same CMA regulatory clearance being received by the group’s shareholders for their acquisition of Asda.
Zuber Issa CBE and Mohsin Issa CBE, co-founders and co-CEOs of EG Group, in a joint statement, said: “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.”