EG Group has completed the sale of its UK operations to Asda at a discount on top of securing a fresh $500 million loan as the billionaire Issa brothers seek to reorganise their sprawling retail and petrol forecourt business empire amid high debt burdens.
The acquisition of EG Group’s UK business was agreed an enterprise value of £2.07 billion, some £230 million lower than was previously suggested. Asda said the discounted cost "reflects adjustments agreed between the two parties as they have worked through the detail of the transaction."
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