EG Group to divest some petrol filling stations after watchdog concerns
Petrol station forecourt operator EG Group has announced it will divest 27 petrol filling stations.
The group – owned by the billionaire Issa brothers – said it had entered into a binding agreement to divest more than two dozen stations across the country to Park Garage Group.
It comes after the competition watchdog expressed concerns relating to the Issa brothers’ separate acquisition of supermarket Asda.
The Competition and Markets Authority (CMA) announced in June 2021 that it had agreed to formal undertakings offered by the company P to divest some of its petrol sites.
Existing employees at the sites will transfer to Park Garage Group.
Zuber Issa CBE and Mohsin Issa CBE, co-founders and co-CEOs of EG Group, said: “We received significant interest in the sites we marketed, reflecting how these high-quality assets have been acquired, developed and invested in by EG Group over the last few years.
“We are pleased that the sites will be going to an established industry operator in Park Garage Group, a family-run business that is growth orientated.”
The Issa brothers and private equity firm TDR bought a majority stake in Asda in a £6.8bn deal last year.