Supermarket chain Asda has acquired the UK and Ireland operations of EG Group for an enterprise value of approximately £2.27bn.

The acquired business includes 350 petrol filling station (PFS) sites and more than 1,000 food-to-go locations.

The deal excludes approximately 30 PFS sites in the UK, which will remain with EC Group.

Asda is owned by the Issa brothers and investment funds are managed by TDR Capital LLP and Walmart.

The company acquired EG UK and Ireland through an affiliate of its parent company, Bellis Acquisition, a wholly-owned subsidiary of the Asda Group.

The acquisition will expedite the retailer’s growth strategy in convenience, omnichannel retail and foodservice.

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It will also accelerate its strategic plans to create a value-led convenience following the launch of Asda Express across the EG UK and Ireland estate.

The supermarket chain plans to invest more than £150m to fully integrate the combined business in the next three years.

The deal is scheduled to be completed in the fourth quarter of 2023.

Asda expects nearly £30bn in revenue from the combined entity.

Asda co-owner Mohsin Issa said: “Asda is committed to saving customers precious time and money across their shopping baskets and on the forecourt. The combination of Asda and EG UK&I will be positive news for motorists, as we will be able to bring Asda’s highly competitive fuel offer to even more customers.

“I would like to sincerely thank all colleagues at both businesses for their ongoing efforts to serve our customers during tough economic times and I look forward to welcoming our new colleagues from EG UK & I and expanding the Asda family further.”

In March 2023, the UK’s Competition and Markets Authority (CMA) warned that the proposed Asda–Co-op deal could increase prices for motorists and shoppers following its review of the deal.