Carey Olsen’s Jersey corporate team has advised EG Group on the £2.27bn sale of the majority of its UK and Ireland fuel, foodservice, grocery and merchandise business to supermarket chain Asda.

Asda, which is owned by the Issa brothers and has its investment funds managed by TDR Capital and Walmart, is acquiring most of the EG UK and Ireland business, consisting of about 350 petrol filling station sites and more than 1,000 food-to-go locations. 

EG plans to use proceeds from the sale to reduce the group’s net leverage, in line with its recently announced financial policy and de-leveraging strategy.

For Asda, the acquisition helps expand its share of the convenience sector – the combined group will span 600 supermarkets, 700 petrol forecourts and 100 convenience stores.

Carey Olsen Corporate Partner James Willmott, supported by Associates Damilola Obafemi and Anna Mouat, advised on all Jersey law aspects of the transaction. 

Carey Olsen advised the EG Group alongside onshore law firm Skadden, Arps, Slate, Meagher.