Zuber Issa is set to acquire the UK arm of EG Group as the Issa brothers interests continue to unwind. The deal, which excludes the Cooplands bakery, some Starbucks stores, and EG’s electric vehicle charging business Evpoint, is set to be finalised by the end of next month.
EG Group said: “We are currently engaged in active discussions with Zuber Issa and his advisers regarding the sale of the retained UK business…with a view to announcing a binding agreement in the second quarter of 2024.”
The deal marks the latest move in the gradual separation of billionaire brothers Mohsin and Zuber Issa, who have spent the past two decades building their retail and petrol forecourt empire from a series of debt-financed acquisitions.
Zuber Issa is also understood to be seeking to sell his stake in Asda to private equity business TDR Capital, which currently co-owns the supermarket with the brothers.
His UK acquisition comes as recently filed accounts show that EG Group returned to profitability in 2023 following its £2bn deal to sell 350 petrol stations and more than 1,000 food-to-go sites to Asda last year, which helped reduce the petrol forecourt giant’s debts.
EG Group chairman Lord Stuart Rose said: “Despite challenging macroeconomic conditions and ongoing geopolitical uncertainty, EG continues to play an important role in the global delivery of convenience retail, foodservice and fuel to our millions of customers.”
Full story at Zuber Issa to acquire EG's UK arm as group returns to profit - Retail Gazette
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