EG Group to take over Asda forecourts business for £750 million

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General view of the petrol and diesel prices at an Asda filling station on April 21, 2020 in Milton Keynes, United Kingdom. (Photo by Catherine Ivill/Getty Images)

The Issa brothers and TDR Capital will sell Asda’s petrol forecourts business to EG Group, which they also own, for £750 million after they complete their deal to buy the supermarket group from Walmart.

They said on Wednesday that completion of the Asda acquisition was expected later this month.

In October, the Issa brothers and TDR agreed to buy a majority stake in Asda in a deal which gave the group an enterprise value of £6.8 billion.

In addition to selling Asda’s forecourts business the Issa brothers and TDR plan to sell some of Asda’s distribution assets to institutional real estate investors.