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Issa brothers sell UK petrol stations to fix competition concerns over Asda deal

·1-min read

LONDON (Reuters) -The Issa brothers' EG Group has agreed to sell 27 petrol filling stations to Park Garage Group to address the concerns of Britain's competition regulator relating to the brothers' acquisition of British supermarket Asda.

In June, Zuber and Mohsin Issa and private equity group TDR Capital, who jointly own EG, agreed undertakings with the Competition and Markets Authority (CMA) to divest the sites.

That enabled the brothers and TDR to avoid an in-depth probe into the Asda deal.

They completed their purchase of a majority stake in Asda from United States giant Walmart in February in a deal valuing the chain at 6.8 billion pounds ($9.3 billion).

In a separate deal in February, EG Group, agreed to buy Asda's 323 petrol stations for 750 million pounds.

EG said all existing staff at the petrol stations to be divested will transfer to Park Garage Group.

On Monday EG acquired the Cooplands bakery chain. It bought the LEON fast food restaurant chain in May.

Media reports have linked EG with either a trade sale or a public listing of its shares.

($1 = 0.7337 pounds)

(Reporting by James Davey; editing by Jason Neely and Louise Heavens)

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