Essar Energy Transition's retail arm has agreed to acquire independent UK forecourt operator SGN Retail in a deal estimated at about 400 million pounds, adding 118 sites to its network and creating a 235-site estate as it seeks to build a vertically integrated fuel business in Britain.
EET Retail, the retail division of Essar Energy Transition Fuels, in a statement said it had agreed to acquire 100 per cent of SGN Retail, which was founded by Graham Peacock and Susan Tobbell.
While the company did not disclose the financial details, sources said the deal is estimated to be about 400 million pounds.
The deal will give EET Retail annual fuel throughput of more than 650 million litres, combining SGN Retail's 118 locations with the 117 sites already operated by EET Retail.
EET Retail said the enlarged network would make it the UK's second-largest forecourt operator with direct integration into fuel production. It plans to expand the network to about 800 sites by 2031, equivalent to roughly 9 per cent of the UK market, with fuel supplied by Essar's Stanlow refinery in Cheshire.
Full article Essar's EET Retail to acquire UK forecourt operator SGN for 400 million pounds - The HinduBusinessLine
Share this:
