Asda owners ponder selling off petrol station empire

Asda’s new owners are considering selling EG Group, the petrol station and convenience store giant, for up to £10.8 billion.

Mohsin and Zuber Issa, who collectively own a 56 per cent stake in the group, are in early talks with advisers about the move.

Convenience store chains are thought to be among the potential buyers, including Seven & I Holdings, the owner of Dallas-headquartered 7-Eleven.

The Issas are also said to be mulling a stock market listing, having backed out a £10 billion IPO in 2019.

READ MORE: Asda confirms convenience store rollout

EG was founded by the Blackburn-born brothers in 2001 with a petrol station in Manchester.

With more than 6000 sites across the UK, US, mainland Europe and Australia, it is now one of the largest forecourt businesses in the world.

It comes after Asda announced plans to open 200 convenience stores on its petrol stations by the end of 2022.

Around 28 “Asda on the Move” shops are expected to launch by the end of this year.

The Issas and TDR Capital are in the process of buying Asda’s forecourts for £750 million, having acquired the Big 4 grocer for £6.8 billion earlier this year.

The brothers agreed to sell 27 petrol stations after a warning from the competition watchdog.

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