Asda, the third-largest supermarket chain in Britain, has announced its intention to acquire EG Group's UK and Ireland business, a petrol station operator. The deal is

expected to result in a company with a total revenue of nearly £30 billion ($38 billion).

Both Asda and EG Group are owned by the Issa brothers, Zuber and Mohsin, along with the private equity group TDR Capital. The acquisition will encompass approximately 350 petrol stations and over 1,000 food-to-go locations. The transaction is slated to be finalized in the fourth quarter.

To facilitate the seamless integration of the two businesses, Asda has revealed plans to invest over £150 million within the next three years. Additionally, the shareholders will contribute approximately £450 million in additional equity to finance the transaction. Photo by Rept0n1x, Wikimedia commons.