Issa brothers to merge Asda with petrol station biz in $2.8-billion deal
Asda agreed to buy EG Group’s UK and Ireland gas-station business in a move that aims to create a convenience retailing empire in one of the world’s most competitive food markets.
The billionaire Issa brothers, Mohsin and Zuber, announced the merger Tuesday for an enterprise value of about $2.8 billion, combining two businesses that are they both own with buyout firm TDR Capital. The deal will help EG refinance debt coming due in 2025.
