EG Group Sells Off £500m Australia Business in Further Debt-Clearing Move

EG Group sells off £500m Australia business in further debt-clearing move

Blackburn’s EG Group has sold its Australian business for a sum of more than £500 million to petroleum giant Ampol.

EG sells £530m Australia business ahead of possible IPO – Northern Financial Review

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 ag…

EG Group Makes Second Disposal In A Week

Days after announcing the disposal of its operations in Italy, Blackburn-headquartered forecourt and convenience site operator EG Group has announced that it has entered into an agreement to sell its Australian business to local firm Ampol. The transaction values EG (more…) The post EG Group Makes Second Disposal In A Week appeared first on KamCity.

EG Group to sell Australian arm to Ampol

EG Group, an international operator of convenience retail, foodservice and fuel stations, has agreed  to sell its Australian business to Ampol. The deal values the EG Australia business at an enterprise value of A$1.1bn (£529m), comprising A$850m (£409m) of cash proceeds and A$250m (£120m) of Ampol stock.  EG Group said the sale will mark its exit from the Australian market, with proceeds to be used to further reduce its debt.  The move follows …