EG Group aims to complete a merger of its petrol stations with Asda Group Ltd. by the end of April, according to The Times.
(Bloomberg) — EG Group aims to complete a merger of its petrol stations with Asda Group Ltd. by the end of April, according to The Times.
The Issa brothers and London-based TDR Capital, joint owners of Asda and EG Group, want to combine the two businesses in order to refinance some £7 billion of debt due in 2025, the newspaper reported in January.
Asda Owners Plan Merger With Petrol Stations: Times
The merger plans are moving ahead at a rapid pace, the Times reported Sunday, citing a source in the City of London. The paper added that the mooted deal is said to be worth between £11 billion and £13 billion.
The merger would create a business with 581 supermarkets, 700 petrol stations and more than 100 convenience stores. The competition regulator’s view is unclear at this stage. The owners are being advised by bankers at Barclays and Rothschild.
Read more: Asda’s £600 Million UK Gas Station Deal Faces In-Depth Probe
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