British supermarket Asda said it would buy the bulk of petrol station operator EG Group's UK and Ireland business to speed up its move into the convenience sector, creating a company with combined revenue of nearly 30 billion pounds ($38 billion).
Asda, Britain's third-largest grocer, and EG are both owned by brothers Zuber and Mohsin Issa and private equity group TDR Capital. The unit of around 350 petrol stations and over 1,000 food-to-go locations will be valued at 2.27 billion pounds.and become Britain's No. 2 supermarket as it rolls out the Asda Express across the EG petrol estate. EG will pay down debt.
The Issa brothers bought Asda in 2021 and have already converted 166 EG sites to the "Asda on the Move" format. The deal comes as consumers grapple with a cost-of-living crisis that has left grocers juggling surging food prices with a need to pay higher wages, while facing fierce pricing competition from German discount groups Aldi and Lidl.
Asda's shareholders, which include its former owner U.S. retail giant Walmart Inc, will provide around 450 million pounds of additional equity for the deal, it said.
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