Issa bros, TDR to sell Asda forecourts to own EG Group for £750m

Billionaire UK businessmen Zuber and Mohsin and TDR Capital are selling Asda's petrol forecourts business to their EG Group for £750m after completing their deal to buy the supermarket chain from Walmart.

They said financing options were currently being considered but, post-synergies, the transaction was expected to be leverage neutral and accretive.

The deal was expected to close in the second quarter of 2021, they added. In October, the Issa brothers and TDR agreed to buy a majority stake in Asda in a deal valuing the group at £6.8bn.

EG’s acquisition of the forecourt business is subject to the same regulatory clearance being as for the Asda acquisition.

“The forecourts, which will remain an integral part of the broader retail locations where they are situated, will continue to be Asda branded and will remain a price leader in the fuel market,” the Issa brothers said.