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EG Group has agreed to sell its Italian business to a consortium of local operators in a deal worth €425m (£366.9m).
The consortium includes PAD Multienergy, Vega Carburanti, Toil, Dilella Invest and GIAP.
The sale will mark the Blackburn-based convenience retail, foodservice and fuel station operator’s exit from Italy.
According to EG, the proceeds will be used to reduce debt as part of a strategy to focus on core markets.
The transaction is expected to complete by the end of 2025, subject to antitrust and other regulatory approvals.
BofA Securities acted as exclusive financial adviser to EG Group, with A&O Shearman providing legal advice.
Russ Colaco, chief executive of EG Group, said: “This important transaction is fully aligned with this strategy, as we continue to focus on our core markets with the greatest growth potential and deliver on our deleveraging programme.”
The Consortium representatives added: “The acquisition of EG Italia allows us to generate new and key synergies for the development of the fuel stations network with the expansion of the services offered also with a view to the energy transition.
“The EG network together with the networks of the Consortium members, all leaders in their reference territories, will enhance the know-how and skills of the EG Italia organisation, heir to the culture of Esso Italiana from 2018.”
