Morrisons has completed the sale of its petrol forecourts for £2.5bn to Motor Fuel Group (MFG).

The deal includes 337 petrol forecourts and more than 400 associated sites on the supermarket giant’s car parks across the UK for ultra-rapid electric vehicle charging development.

The transaction forms a new strategic partnership between the two companies, which are both majority-owned by private equity firm Clayton Dubilier & Rice (CD&R).

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Morrisons is to take a minority stake of 20% equity interest in MFG and has entered into commercial and supply agreements with the fuel group.

The grocer intends to use the cash proceeds of £1.8bn to strengthen its structure and help to repay some of its mounting £8bn debt pile, however this could also be reinvested.

Over the past year, the UK’s leading grocers have faced scrutiny over their fuel forecourt operations.

Last May, the Competition and Markets Authority (CMA) found that drivers buying fuel from the UK’s four main supermarket-owned forecourts had paid an additional £900m in 2022, as a result of the retailers hiking their profit margins.

While the CMA set out a voluntary scheme asking retailers to release their fuel pricing information, new Pumpwatch proposals are expected to force fuel retailers to share live pricing information within 30 minutes of any changes.