Business giants the Issa brothers have sold off 27 of their UK petrol stations as part of a huge deal to buy Asda.
The billionaire siblings, who built their empire after buying a petrol station in Bury, took control of the iconic supermarket chain in a £6.8bn deal last year.
But, the agreement was monitored by the Competition and Markets Authority’s (CMA), which announced in June that it had agreed a deal with the Issa's to address competition concerns around their purchase of Asda.
READ MORE: Billionaire Issa brothers buy Britain's second-biggest bakery in multi-million pound deal
Mohsin and Zuber Issa along with TDR Capital LLP offered to divest some of their petrol station firm EG Group's sites, LancsLive reports.
Now the duo have agreed to sell 27 locations to the Park Garage Group.
The sale is expected to be agreed in the coming weeks.
“We received significant interest in the sites we marketed, reflecting how these high-quality assets have been acquired, developed and invested in by EG Group over the last few years,” the Issas said in a statement.
“We are pleased that the sites will be going to an established industry operator in Park Garage Group, a family-run business that is growth orientated.”
All members of EG Group staff employed at the petrol stations which are being sold will transfer to Park Garage Group.
Balraj and Sunil Tandon, chairman and MD of Park Garage Group respectively, said in a joint statement: “We are delighted to have reached an agreement to acquire these sites, particularly due to their quality, which has been cultivated by EG Group.
"The acquisition underlines our commitment to growth and innovation, and will enable our sons, Manoj Tandon and Hemant Tandon, to further build our industry footprint.
"We would like to thank EG Group for working seamlessly with us on this acquisition.”
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