Summary:
- EG Group sells Italian and Australian businesses for a combined £940m, exiting both markets.
- Proceeds will be used to pay down debt as part of a global streamlining strategy.
- Follows earlier UK disposal to co-founder Zuber Issa, whose EG On The Move has been expanding.
EG Group has announced the sale of its businesses in Italy and Australia, marking another phase in its strategy to refocus on core markets and cut debt.
The company confirmed on 14 August that it has agreed to sell its Australian arm to fuel retailer Ampol in a deal worth A$1.1 billion (£580m), comprising A$850m in cash and A$250m in Ampol stock. Completion is expected by mid-2026, subject to regulatory approval.
This follows EG’s 11 August announcement of a €425 million (£360m) sale of its Italian operations to a consortium of local players, including PAD Multienergy, Vega Carburanti and Toil. Both disposals represent full exits from the respective markets, with proceeds earmarked for debt reduction.
EG Group CEO Russ Colaco said the deals were “significant milestones” in reshaping the company’s global footprint. “We remain fully focused on executing our strategy and building a platform for further growth, with our world-class grocery and merchandise, foodservice and fuel retail proposition,” he added.
The Blackburn-based retailer has been steadily scaling back internationally following its 2024 disposal of its remaining UK forecourt business to co-founder Zuber Issa, who went on to establish EG On The Move. That business, now separate from EG Group, has since expanded through the acquisition of Applegreen UK’s 98-site network earlier this year.
EG Group sold majority of its UK business to Asda in 2023 for £2.07 billion.