{"id":1232840,"date":"2023-05-30T16:41:08","date_gmt":"2023-05-30T15:41:08","guid":{"rendered":"https:\/\/www.businesstelegraph.co.uk\/asda-to-buy-eg-groups-uk-and-ireland-operations-for-2-3bn\/"},"modified":"2023-05-30T16:41:08","modified_gmt":"2023-05-30T15:41:08","slug":"asda-to-buy-eg-groups-uk-and-ireland-operations-for-2-3bn","status":"publish","type":"post","link":"https:\/\/www.businesstelegraph.co.uk\/asda-to-buy-eg-groups-uk-and-ireland-operations-for-2-3bn\/","title":{"rendered":"Asda to buy EG Group&#039;s UK and Ireland operations for \u00a32.3bn"},"content":{"rendered":"<p> <script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script>\r\n<!-- newscabal uk text -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:inline-block;width:728px;height:90px\"\r\n     data-ad-client=\"ca-pub-8162386273903324\"\r\n     data-ad-slot=\"3688094655\"><\/ins>\r\n<script>\r\n(adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div id=\"js-article-text\" wp_automatic_readability=\"79.185874192023\">\n<h2>Asda to buy petrol station operator EG Group&#8217;s UK and Ireland operations for \u00a32.3bn as supermarket giant eyes foodservice boom<\/h2>\n<ul class=\"mol-bullets-with-font\">\n<li class=\"class\"><strong>Asda and EG Group have a combined annual turnover of almost \u00a330billion<\/strong><\/li>\n<li class=\"class\"><strong>Both firms are run by the Issa brothers and private equity group TDR Capital<\/strong><\/li>\n<li class=\"class\"><strong>Stuart Rose: Deal &#8216;will create a consumer champion like the UK has never seen&#8217;<\/strong><\/li>\n<\/ul>\n<p class=\"author-section byline-plain\">By <a href=\"https:\/\/www.dailymail.co.uk\/home\/search.html?s=&amp;authornamef=Harry+Wise+For+This+Is+Money\" class=\"author\">Harry Wise For This Is Money<\/a> <a rel=\"nofollow noreferrer noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/intent\/follow?screen_name=harrywisey&amp;tw_p=followbutton\" class=\"twitter-follow-author\"><span class=\"follow-author\"><\/span><\/a> <\/p>\n<p class=\"byline-section\"><span class=\"article-timestamp article-timestamp-updated\"> <span class=\"article-timestamp-label\">Updated:<\/span> <time datetime=\"2023-05-30T16:41:08+0100\"> 16:41 BST, 30 May 2023 <\/time> <\/span> <\/p>\n<p> <!-- ad: https:\/\/mads.dailymail.co.uk\/v8\/dk\/money\/moneymarkets\/article\/other\/para_top.html --> <!-- CWV --><!--[if !IE]><!--> <link href=\"https:\/\/scripts.dailymail.co.uk\/static\/mol-fe\/static\/mol-fe-async-bundle\/6.52.2\/articleDefer.css\" media=\"all\" rel=\"stylesheet\" type=\"text\/css\" \/> <!--<![endif]--> <!--[if IE]>\n<link href=\"https:\/\/scripts.dailymail.co.uk\/static\/gunther\/1.17.0\/registration--.css\" media=\"screen\" rel=\"stylesheet\" type=\"text\/css\" \/>\n<![endif]--> <!--[if !IE]><!--> <link href=\"https:\/\/scripts.dailymail.co.uk\/static\/gunther\/17.16.0\/registration--.css\" media=\"all\" rel=\"stylesheet\" type=\"text\/css\" \/> <!--<![endif]--><!--[if IE]>\n<link href=\"https:\/\/scripts.dailymail.co.uk\/static\/gunther\/1.17.0\/all-ie8-9--.css\" media=\"all\" rel=\"stylesheet\" type=\"text\/css\" \/>\n<link href=\"https:\/\/scripts.dailymail.co.uk\/static\/gunther\/1.17.0\/all1-ie8-9--.css\" media=\"all\" rel=\"stylesheet\" type=\"text\/css\" \/>\n<![endif]--> <!--[if !IE]><!--> <link href=\"https:\/\/scripts.dailymail.co.uk\/static\/mol-fe\/static\/mol-fe-sync-bundle\/8.31.3\/desktop.css\" media=\"all\" rel=\"stylesheet\" type=\"text\/css\" \/> <link href=\"https:\/\/scripts.dailymail.co.uk\/static\/gunther\/17.16.0\/all--.css\" media=\"all\" rel=\"stylesheet\" type=\"text\/css\" \/><link href=\"https:\/\/scripts.dailymail.co.uk\/static\/gunther\/17.16.0\/all1--.css\" media=\"all\" rel=\"stylesheet\" type=\"text\/css\" \/> <!--<![endif]--><!--[if gte IE 8]><!--> <link rel=\"stylesheet\" type=\"text\/css\" media=\"screen\" href=\"https:\/\/scripts.dailymail.co.uk\/static\/mol-fe\/static\/mol-fe-fff\/2.4.1\/styles\/fff.css\" \/> <!--<![endif]-->  <!--[if IE 8]>\n\n<![endif]--> <!--[if IE 9]>\n\n<![endif]--> <!--[if IE]>\n\n<![endif]--> <!--[if !IE]> -->  <!--<![endif]--><\/p>\n<p>   <!-- SiteCatalyst code version: H.20.3.\n    Copyright 1997-2009 Omniture, Inc. More info available at\n    http:\/\/www.omniture.com -->  <\/p>\n<p>         <!-- End SiteCatalyst code version: H.20.3. -->  <!--[if IE]>\n\n<![endif]--> <!--[if !IE]> -->   <!--<![endif]--><!--[if IE]>\n  \n  <noscript><link rel=\"stylesheet\" href=\"https:\/\/scripts.dailymail.co.uk\/static\/gunther\/gunther-2159\/video_bundle--.css\"><\/noscript>\n  \n<![endif]--> <!--[if !IE]> --> <link rel=\"preload\" href=\"https:\/\/scripts.dailymail.co.uk\/static\/videoplayer\/6.21.1\/styles\/mol-fe-videoplayer.min.css\" as=\"style\" onload=\"this.rel=\" stylesheet=\"\" \/> <noscript><link rel=\"stylesheet\" href=\"https:\/\/scripts.dailymail.co.uk\/static\/videoplayer\/6.21.1\/styles\/mol-fe-videoplayer.min.css\" \/><\/noscript>  <!-- <![endif]-->   <!-- CWV --><\/p>\n<div itemprop=\"articleBody\" wp_automatic_readability=\"60.290415415415\">\n<p class=\"mol-para-with-font\">Asda has agreed to acquire the UK and Ireland business of petrol station operator EG Group in a deal worth around \u00a32.3billion.<\/p>\n<p class=\"mol-para-with-font\">The transaction will combine the 640 stores and online operations of Britain&#8217;s third-largest grocer with an estimated 350 filling sites and 1,000 food-to-go stores belonging to EG Group.\u00a0<\/p>\n<p class=\"mol-para-with-font\">Both companies are owned by private equity firm TDR Capital and Blackburn-born brothers Mohsin and Zuber Issa, which purchased a majority stake in Asda as part of a leveraged buyout two years ago.<\/p>\n<div class=\"artSplitter mol-img-group\" style=\"style\" wp_automatic_readability=\"8\">\n<div class=\"mol-img\">\n<div class=\"image-wrap\"> <img loading=\"lazy\" decoding=\"async\" id=\"i-468e1ae9252b3c5c\" src=\"https:\/\/www.businesstelegraph.co.uk\/wp-content\/uploads\/2023\/05\/Asda-to-buy-EG-Group039s-UK-and-Ireland-operations-for.jpg\" height=\"423\" width=\"634\" alt=\"Asda said the deal would put the enlarged business in a stronger position to profit from the 'highly attractive structural drivers' impacting the food service and convenience sectors\" class=\"blkBorder img-share\" style=\"max-width:100%\" \/> <\/div>\n<p> <noscript> <img loading=\"lazy\" decoding=\"async\" id=\"i-468e1ae9252b3c5c\" src=\"https:\/\/www.businesstelegraph.co.uk\/wp-content\/uploads\/2023\/05\/Asda-to-buy-EG-Group039s-UK-and-Ireland-operations-for.jpg\" height=\"423\" width=\"634\" alt=\"Asda said the deal would put the enlarged business in a stronger position to profit from the 'highly attractive structural drivers' impacting the food service and convenience sectors\" class=\"blkBorder img-share\" \/> <\/noscript> <\/div>\n<p class=\"imageCaption\">Asda said the deal would put the enlarged business in a stronger position to profit from the &#8216;highly attractive structural drivers&#8217; impacting the food service and convenience sectors<\/p>\n<\/div>\n<p class=\"mol-para-with-font\">The combined business will have a total annual turnover of almost \u00a330billion, serve 21 million customers per week and employ about 170,000 workers.<\/p>\n<p class=\"mol-para-with-font\">Asda said the takeover would create an enlarged business that is in a stronger position to profit from the &#8216;highly attractive structural drivers&#8217; impacting the foodservice and convenience sectors.<\/p>\n<p class=\"mol-para-with-font\">The group said consumers are shopping more often at local outlets while working from home and &#8216;increasingly prioritising&#8217; takeaway and food-to-go options because of their busy lifestyle.<\/p>\n<p class=\"mol-para-with-font\">The supermarket chain also expects to earn an extra \u00a3195million in underlying earnings after rents, while generating approximately \u00a3100million in profit and loss synergies over the coming three years.<\/p>\n<p class=\"mol-para-with-font\">To fund the acquisition, Asda is tapping shareholders for about \u00a3450million in equity, making approximately \u00a31.1billion of property-related transactions and taking out \u00a3770million of term loan debt.<\/p>\n<p class=\"mol-para-with-font\">Once the takeover is finalised, the supermarket chain intends to spend more than \u00a3150million consolidating the two businesses.<\/p>\n<p class=\"mol-para-with-font\">All EG sites in the UK and Ireland will be converted to the Asda brand, with the exception of about 30 petrol stations that are not part of the purchase.<\/p>\n<p class=\"mol-para-with-font\">Mohsin Issa will remain in charge of the business to oversee the integration while the supermarket searches for a new chief executive.<\/p>\n<p class=\"mol-para-with-font\">He said: &#8216;Asda is committed to saving customers precious time and money across their shopping baskets and on the forecourt.\u00a0<\/p>\n<p class=\"mol-para-with-font\">&#8216;The combination of Asda and EG UK&amp;I will be positive news for motorists, as we will be able to bring Asda&#8217;s highly competitive fuel offer to even more customers.&#8217;<\/p>\n<p class=\"mol-para-with-font\">Stuart Rose, Asda&#8217;s chairman, said the deal &#8216;will create a consumer champion like the UK has never seen. Throughout my career in retail \u2013 one thing has always been true, that meeting the evolving needs of customers is the route to growth&#8217;.<\/p>\n<p class=\"mol-para-with-font\">He added: &#8216;This transaction is all about driving growth by bringing Asda&#8217;s heritage in value to even more communities and accelerating the growth of its convenience retail business.&#8217;<\/p>\n<p class=\"mol-para-with-font\">Rose, who previously ran Marks &amp; Spencer, was appointed to the chairmanship role nine months after Asda was taken over by the Issa brothers and TDR Capital.<\/p>\n<p class=\"mol-para-with-font\">Asda further revealed on Tuesday that its like-for-like revenue expanded by 7.8 per cent in the first quarter of this year as it took market share from other &#8216;Big Four&#8217; rivals.<\/p>\n<\/div>\n<p>            <!-- ad: https:\/\/mads.dailymail.co.uk\/v8\/dk\/money\/moneymarkets\/article\/other\/inread_player.html --><\/p>\n<div class=\"column-content cleared\">\n<div class=\"shareArticles\">\n<h3 class=\"social-links-title\">Share or comment on this article: <\/h3>\n<\/p><\/div>\n<\/p><\/div>\n<p class=\"mol-style-italic byline-section justify\">Some links in this article may be affiliate links. 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