Press Release

Asda, which is owned by the Issa brothers and has its investment funds managed by TDR Capital LLP and Walmart, is acquiring most of the EG UK and Ireland business consisting of c. 350 petrol filling station sites and over 1,000 food-to-go locations. EG Group plan to use proceeds from the sale to reduce the group's net leverage, in line with the recently announced financial policy and deleveraging strategy.

For Asda, the acquisition helps expand its share of the competitive convenience sector as it seeks to become the UK's second-largest supermarket chain. The combined group will span 600 supermarkets, 700 petrol forecourts and 100 convenience stores and have annual revenues of c. £30 billion.

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.

James Willmott commented, "We are pleased to assist in structuring a transformational combination which enables both EG Group and Asda to better serve their 21 million weekly customers. Our corporate practice advises on many of the largest public and private M&A transactions with a Jersey aspect and it is always rewarding to work with high street names to facilitate effective structures for growth".