EG Group, which was founded by the billionaire Issa brothers, has sold 27 petrol stations as part of a deal to keep the 海角视频 competitions watchdog at bay following the £6.8bn deal acquisition of Asda.
The Blackburn-headquartered business has entered into a binding agreement to divest 27 petrol stations located throughout the 海角视频 to Park Garage Group
The move follows the Competition and Markets Authority’s (CMA) announcement in June 2021 that it had agreed formal undertakings offered by Mohsin Issa, Zuber Issa and TDR Capital to sell some of EG Group’s petrol station sites.
The move was agreed to address the competition concerns relating to the separate acquisition of Asda.
All existing EG employees at the sites will transfer to Park Garage Group.
In a joint statement Zuber and Mohsin Issa, co-founders and co-CEOs of EG Group, said: "We received significant interest in the sites we marketed, reflecting how these high-quality assets have been acquired, developed and invested in by EG Group over the last few years.
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"We are pleased that the sites will be going to an established industry operator in Park Garage Group, a family-run business that is growth orientated."
Also in a joint statement, Balraj Tandon and Sunil Tandon, chairman and managing director of Park Garage Group respectively, said: "We are delighted to have reached an agreement to acquire these sites, particularly due to their quality, which has been cultivated by EG Group.
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"The acquisition underlines our commitment to growth and innovation, and will enable our sons, Manoj Tandon and Hemant Tandon, to further build our industry footprint.
"We would like to thank EG Group for working seamlessly with us on this acquisition."
The deal comes a day after EG Group removed the £30m cap from its petrol stations following the fuel crisis.
In a Tweet, the group said: "Following a significant improvement in fuel availability at our sites, with customer purchasing behaviour returning to normal levels in the majority of locations, we are pleased to confirm that we can now remove the £30 cap on buying fuel."