Morrisons nears £2.5bn sale of forecourt business
This deal is similar to a deal from last year which saw Asda acquire all the petrol stations owned by EG Group, which also happens to be the parent company of Asda
Register to get 1 more free article
Reveal the article below by registering for our email newsletter.
Want unlimited access? View Plans
Already have an account? Sign in
Morrisons is reportedly close to agreeing a deal to sell its forecourts business to Motor Fuel Group (MFG) in a £2.5bn, according to Sky News.
MFG and Morrisons are both majority owned by American private equity firm Clayton Dubilier and Rice (CD&R).
Reports of talks between the two companies emerged in September last year and they are now on the verge of a verbal agreement.
The forecourt business includes around 340 sites, with another 150 potentially being added as MFG targets the rapid expansion of its ultra-fast electric vehicle (EV) charging network.
Sky said Morrisons is expected to use a large chunk of the £2.5bn to reduce its debts which currently sit at around £5.7bn.
CD&R’s takeover of the supermarket in 2021 was heavily scrutinised by regulators partly due to its ownership of MFG.
The potential deal is similar to a deal from last year which saw Asda acquire all the petrol stations owned by EG Group, which also happens to be the parent company of Asda.
