Issa brothers announce £2bn sale of EG Group to Asda in an apparent bid to address 'heavy debts'
EG Group, owned by the Issa brothers, has announced they are to sell the majority of its UK and Ireland fuel, food service, grocery and merchandise to Asda.It would create a massive company with revenues of around £30 billion and 170,000 employees.
The Group will remain a leading global convenience retailer, generating over $25bn of annual revenue and more than $1bn of EBITDA, across 5,500 locations, underpinned by c. $6bn of freehold property. The Waterside offices in Blackburn, UK, will remain as the global headquarters and shared service centre for the Group. The transaction is expected to complete in Q4 2023.
“I am confident the UK&I business will go from strength to strength under Asda’s ownership. Over the last 22 years we have built a business that I am extremely proud of, and EG Group will continue to maintain an important base in the UK, supporting the global business from our home in Blackburn.
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