Asda owners are set to announce the supermarket’s £10billion tie-up with their petrol station empire
Zuber, left, and Mohsin Issa plan to combine EG Group, a company they founded, with Asda, which they bought in 2020
The owners of Asda are set to announce a £10 billion tie-up of the supermarket with their petrol station empire.
Sky News has said the billionaire Issa brothers plan to combine EG Group, a company they founded, with Asda, which they bought in 2020 for £6.8billion, creating a huge business with revenues of around £30 billion and 170,000 employees.
The deal is expected to be announced today. A tie-up has been mooted for months as EG is due to refinance its £7billion debt by 2025.
By merging the two, the Issa brothers hope to be able to obtain better refinancing.
But critics, including the GMB syndicate, have warned it will attribute some of that debt to Asda, which already owes around £4.7billion, according to reports.
Last month the union urged the Competition and Markets Authority to review any deal.
