Blackburn-based petrol forecourt and convenience retail giant EG Group said on Thursday it agreed to sell its Australian business for roughly £530 million to petroleum firm Ampol.

The sale is EG Group’s second disposal this week as the firm moves to slash its debt — ahead of a possible stock market listing in the US.

EG Group is owned by brothers Zuber and Mohsin Issa and private equity group TDR Capital.

On Tuesday the Blackburn firm said it agreed to sell its Italian business to a consortium of leading Italian operators for an enterprise value of €425 million.

“The transaction values the EG Australia business at an enterprise value of A$1.1 billion (subject to customary closing adjustments), comprising A$850 million of cash proceeds and A$250 million of Ampol stock,” said EG.

“This sale will mark the group’s exit from the Australian market, with proceeds to be used to further reduce the group’s debt.

“This sale represents further progress, following the announcement of an agreement to sell EG Italy on 11 August, 2025, in the group’s strategy to develop its core market operations, strengthen its balance sheet and reduce leverage.”

EG Group CEO Russ Colaco said: “This transaction is a significant milestone in our ongoing efforts to streamline EG Group’s global portfolio and sharpen our focus on the markets where we see the largest growth opportunities.

“I would like to sincerely thank the Australian leadership team and all our colleagues for their significant contributions to the business.

“We remain fully focused on executing our strategy and building a platform for further growth, with our world-class grocery & merchandise, foodservice and fuel retail proposition.”