The billionaire owners of Asda have completed nearly 300 service stations in Germany for €485m. EG Group, which is run by Zuber and Mohsin Issa, has snapped up the 285-strong network from OMV Deutschland GmbH.
The Blackburn-headquartered company was started by the brothers with a single site in Bury. READ MORE: Click here to sign up to the BusinessLive North West newsletter The move follows the German Federal Cartel Office approving the takeover under the condition of the sale of 48 stations, 24 Esso stations and 24 OMV stations in Baden-Württemberg and Bavaria.
EG Group has confirmed that the condition was met and the takeover of the OMV stations by EG Group has now completed. As part of the agreement, EG Group will assume any outstanding lease obligations.
The purchase price reflects an enterprise value of approximately €614m and is subject to the adjustment of customary net working capital and net debt adjustments.
Read more on manchestereveningnews.co.uk
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