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Owners of UK supermarket Asda and EG Group considering merger, the Times reports

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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 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.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.

 

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Highly leveraged need to consolidate debt we assume

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