Asda has announced the acquisition of the UK and Ireland operations of sister company EG Group, in a £2.27bn deal designed to accelerate its shift into convenience.
The merger will create a combined business worth £10bn, operating nearly 600 supermarkets, 700 petrol forecourts, and more than 100 convenience stores.
In an official announcement, the multiple said the acquisition would open “significant growth opportunities” within convenience and foodservice. Asda has already converted 166 EG Group forecourt sites to its On the Move convenience format, adding all of the forecourt giant’s UK and Ireland estate would be rebranded under its name.
The UK’s competition watchdog is not expected to examine the deal due to the pair’s existing shared ownership structure. In 2021, EG Group acquired Asda as part of a £6.8bn deal.
Asda chair, Stuart Rose, said: “Asda’s acquisition of EG UK and Ireland will create a consumer champion like the UK has never seen. Throughout my career in retail – one thing has always been true, that meeting the evolving needs of customers is the route to growth.
“This transaction is all about driving growth by bringing Asda’s heritage in value to even more communities and accelerating the growth of its convenience retail business.”
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