The deal for the 30 petrol stations and convenience stores, which are located across England and Wales, is subject to BP pre-emption rights on 12 of the 30 petrol stations and clearance from the Office of Fair Trading.
If the deal receives clearance, it would boost Tesco’s share of the convenience sector to 6%.
Morrison said that the value of the 30 petrol stations and convenience stores at January 30 this year was £55.3m.
Tesco said that the deal would allow it to convert freehold sites in good locations, with new and conforming forecourts and shops to its Express convenience format.
“The stores are complementary to Tesco’s existing Express network and will bring the Tesco shopping experience to more local neighbourhoods across the country,” it added.