LONDON, Oct 5 (Businesshala) – Issa Brothers’ EG Group has agreed to sell 27 petrol filling stations to Park Garage Group, in a bid to address UK competition regulator concerns over the brothers’ acquisition of British supermarket Asda.
In June, Zuber and Mohsin Issa and private equity group TDR Capital, which jointly own EG, agreed with the Competition and Markets Authority (CMA) to sell the sites.
This enabled the brothers and TDR to avoid intense scrutiny of the Asda deal.
He completed the purchase of a majority stake in Asda from United States giant Walmart in February in a deal valued in the series at £6.8 billion ($9.3 billion).
In a separate deal in February, EG Group agreed to buy Asda’s 323 petrol stations for £750 million.
EG said that all existing employees at petrol pumps would be transferred to the Park Garage group.
On Monday, EG acquired the Couplands bakery chain. It bought the LEON fast food restaurant chain in May.
Media reports have associated EG with either a trade sale or a public listing of its shares. ($1 = 0.7337 pounds) (Reporting by James Davey; Editing by Jason Neely and Louise Heavens)