The Issa brothers' EG Group has agreed to sell 27 petrol filling stations to Park Garage Group to address the concerns of Britain's competition regulator relating to the brothers' acquisition of British supermarket Asda.
In June, Zuber and Mohsin Issa and private equity group TDR Capital, who jointly own EG, agreed undertakings with the Competition and Markets Authority (CMA) to divest the sites.
That enabled the brothers and TDR to avoid an in-depth probe into the Asda deal.
They completed their purchase of a majority stake in Asda from United States giant Walmart in February in a deal valuing the chain at £6.8 billion ($9.3 billion).
Petrol Station
In a separate deal in February, EG Group, agreed to buy Asda's 323 petrol stations for £750 million.
EG said all existing staff at the petrol stations to be divested will transfer to Park Garage Group.
On Monday, EG acquired Britain's second-largest bakery chain, Cooplands, which operates three bakeries and runs around 180 stores and cafes, predominantly in northern England. It employs over 1,600 and is the country's second-largest bakery chain after Greggs. It bought the LEON fast food restaurant chain in May.
Media reports have linked EG with either a trade sale or a public listing of its shares.
Elsewhere, Asda unveiled its first 'refill store' in Scotland, featuring a broad range of branded and own-brand products sold in loose formats to encourage sustainable shopping. The store, at Toryglen in Glasgow, will feature more than 60 SKUs sold loose and unpackaged, from brands such as Kellogg’s, Napolina, Yorkshire Tea and Unilever.
