EG Group and Asda will no longer proceed with the £750m deal that would have seen EG acquire “certain assets” of Asda’s forecourt business.
The news comes two weeks after EG Group agreed to sell 27 petrol stations, located throughout the UK, to Park Garage Group to address the competition concerns relating to the acquisition of Asda Group assets.
The transaction was terminated today (18 October), but EG Group said the companies would continue to work together to grow Asda’s convenience offering.
Asda recently announced plans to establish 28 new Asda On the Move convenience stores at EG forecourts this year, with a target of 200 by the end of next year and the ambition to roll out more sites in 2023.
EG Group said: “Key commercial initiatives between EG and Asda are already well underway including the development of plans to introduce foodservice at Asda locations and the expansion of Asda’s convenience offering, where both companies have confirmed their intention to roll-out the Asda On the Move proposition across EG’s UK forecourts.
“These plans remain unchanged, and the company continues to anticipate synergies as a result of its growing relationship with Asda.”
