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EG Group considering US$15bn sale - report

The petrol station group could go for an initial public offering, Bloomberg reported

EG Group considering US$15bn sale - report
Image source: EG Group

Petrol station firm EG Group is mulling its options for the future, including putting itself up for sale with a price tag of US$15bn, according to Bloomberg.

EG Group, which is backed by the billionaire Issa brothers and private equity firm TDR Capital, is one of the largest petrol station and convenience store owners in the world, with more than 6,000 sites across the UK, US, Europe and Australia.

The firm could also go for an initial public offering (IPO), Bloomberg reported, citing people familiar with the matter. Discussions are at an early stage and there is no guarantee they will result in a deal, the report said.

When the Issa brothers bought Asda earlier this year, the UK’s Competition and Markets Authority (CMA) warned the combination of EG and Asda’s petrol station portfolio could lead to higher petrol prices.

The brothers then said they would sell 27 of Asda’s forecourts, which the CMA accepted.

EG Group considered floating on the stock market in 2019, with a valuation of over £10bn.

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