Asda is committing to bringing down prices as it has completed the acquisition of EG Group’s UK business for an enterprise value of £2.07bn.
This deal, alongside the supermarket giant’s acquisition of 119 convenience sites from Co-op, and three Express stores currently open, gives Asda 478 convenience stores.
Asda co-owner Mohsin Issa said: “With the deal complete, we can focus on delivering the growth opportunities.
“That means lowering the price of fuel for more motorists, bringing Asda’s great value and quality to more communities, offering greater opportunities to our supplier partners and creating sustainable job opportunities for colleagues in our stores and depots.”
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The grocer has committed to opening a further 300 standalone convenience stores by the end of 2026, with the growth strategy a key part of its long-term ambition to become the UK’s second largest supermarket.
The acquisition of EG Group’s UK business will create a group with expected combined revenues of nearly £28bn.
It also accelerates Asda’s move into the £62bn foodservice market, with the transfer of 462 Greggs, Burger King and Subway outlets as franchise agreements.
Asda also wholly owns Leon and has said it looks to introduce this to its stores.
Asda chair, Lord Stuart Rose, added: “As families continue to face into cost-of-living challenges, bringing Asda’s long-standing value in groceries and fuel to even more communities is a win for UK consumers.
“The combination of Asda and EG UK will only create more opportunities for Asda to bring that focus on value to even more communities – as well as driving the sustainable growth of the business through a convenience offer of genuine scale and substance.”
