Blackburn-based petrol forecourt and convenience retail giant EG Group — owned by brothers Zuber and Mohsin Issa and private equity group TDR Capital — said it agreed to sell its Italian business to a consortium of leading Italian operators for an enterprise value of €425 million.
Proceeds of the sale will be used to further repay debt.
The consortium includes PAD Multienergy, Vega Carburanti, Toil, Dillela Invest and GIAP.
EG Group CEO Russ Colaco said: “We remain relentlessly focused on driving forward EG Group’s growth strategy.
“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.
“We are grateful to our colleagues in Italy for their hard work and dedication, and we wish the business continued success in the future.”
The Consortium representatives said: “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 organization, heir to the culture of Esso Italiana since 2018.”
The transaction is subject to antitrust and other standard regulatory approvals, with completion expected by the end of 2025.