EG Group sale of UK business to Asda eases debt burden

EG Group

EG Group said the sale of its UK operations to Asda brought its total debt repayments in 2023 to $4bn, “significantly reducing the group’s net leverage.”

The petrol forecourt business, founded and owned by brothers Zuber and Mohsin Issa, who also own Asda, completed the $2.5bn sale of the majority of its UK and Republic of Ireland business to the supermarket chain in October 2023. The proceeds of the sale have been used to pay down debt, reduce the group’s leverage and have  “strength[ened] its platform for international growth and the energy transition.”

 

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