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Owners of UK supermarket Asda and EG Group considering merger - The Times

Reuters
Updated ·1-min read
FILE PHOTO: Shoppers walk past the UK supermarket Asda in Leeds

LONDON (Reuters) -British supermarket chain Asda could be merged with petrol forecourts business EG Group under plans being explored by the owners of both companies, the London-based Times reported on Saturday.

The combination would create a retail giant worth between 11 billion and 13 billion pounds ($13.6 billion-$16.1 billion) which would have more than 581 supermarkets, 700 petrol forecourts and 100 convenience stores in Britain, the newspaper said.

Brothers Zuber and Mohsin Issa and London-based private equity group TDR Capital have owned EG Group together since 2016. They later bought Asda.

Asda and TDR Capital declined to comment.

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The Issa brothers could not immediately be reached for comment.

Talks over merging the two businesses come ahead of a refinancing of EG Group, which has 7 billion pounds of debt due in 2025, according to the report.

($1 = 0.8069 pounds)

(Reporting by Sarah Young; Editing by Mike Harrison and Emelia Sithole-Matarise)