Asda to buy group founded by billionaire Issa brothers for over £2bn
manchestereveningnews.co.ukAsda is to buy the majority of EG Group's UK and Ireland operations in a deal worth over £2bn. The supermarket giant will buy most of the group's fuel, foodservice, grocery and merchandise business for £2.27bn.
Both companies are owned by the billionaire Issa brothers and private equity giant TDR Capital. READ MORE: Join the FREE Manchester Evening News WhatsApp community EG Group, which includes Euro Garages, Cooplands and Leon, said the proceeds, together with the net proceeds of $1.4bn from the recent sale and lease back transaction in the US, will be used to repay debt.
News of the deal was first reported in January. The group will continue to operate in the USA, Australia, Germany, France, Italy, the Netherlands, Luxembourg and Belgium, while also retaining around 30 UK sites – including the first Euro Garages site in Bury – which are close to the group headquarters.
The Cooplands bakery business and certain other foodservice brands will also be retained. After the deal is completed, the group said it will generate over $25bn of annual revenue and more than $1bn of EBITDA, across 5,500 locations.
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