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Asda’s billionaire owners are in talks to sell their global gasoline business

Asda’s billionaire owners are in talks to sell their global gasoline business, according to reports

Asda’s billionaire owners are reportedly in talks to sell their global gasoline business.

Mohsin and Zuber Isa have discussed with Canadian shopping giant Couche-Tard a deal under which the EG Group will be valued at £ 12.7 billion, including debt, according to the Wall Street Journal. It is clear that no deal has been agreed yet, and negotiations may fail.

The sale of the group could help the Isa brothers and their private equity partner TDR Capital acquire Boots from the Walgreens Boots Alliance. Final bets on the Boots are due this month.

Sale: Mohsin and Zuber Isa hold talks with Canadian shopping giant Couche-Tard

It is believed that they are among the most likely candidates to buy a pharmacy chain. It is reported that Indian billionaire Mukesh Ambani is also involved in the bid with private investment giant Apollo Global Management.

TDR owns a stake in EG Group together with Issas. It was founded by the brothers in 2001 in Greater Manchester. Then TDR and brothers bought Asda for 6.8 billion pounds in 2020. Over the past few years, EG Group has grown rapidly through acquisitions and has 6,000 sites in several countries.

The combined EG Group and Couche-Tard will receive £ 56 billion in annual revenue.

Couche-Tard operates 7,000 stores in the U.S. and as many elsewhere. Last year, it was reported that he became the leader in buying EG Group.

The Isa brothers also considered merging it with Asda or allocating EG Group to the stock market.

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Asda’s billionaire owners are in talks to sell their global gasoline business

Source link Asda’s billionaire owners are in talks to sell their global gasoline business

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