Forecourt giant EG Group has agreed to sell its Italian business to a consortium of operators in the country for €425m.
The deal will mark the Blackburn-headquartered group’s full exit from the Italian market as it continues to execute its strategy to focus on core markets and strengthen the balance sheet.
It will use proceeds from the sale to the consortium – comprising PAD Multienergy, Vega Carburanti, Toil, Dilella Invest and GIAP – to further repay debt.
EG Group CEO Russ Colaco said: “We remain relentlessly focused on driving forward EG Group’s growth strategy. This important transaction is fully aligned with this strategy, as we continue to focus on our core markets with the greatest growth potential and deliver on our deleveraging programme.
“We are grateful to our colleagues in Italy for their hard work and dedication, and we wish the business continued success in the future.”
Representatives of the purchasing consortium added: “The acquisition of EG Italia allows us to generate new and key synergies for the development of the fuel stations network with the expansion of the services offered also with a view to the energy transition.
“The EG network, together with the networks of the consortium members, all leaders in their reference territories, will enhance the know-how and skills of the EG Italia organisation, heir to the culture of Esso Italiana since 2018.”
The transaction is subject to antitrust and other standard regulatory approvals, with completion expected by the end of 2025.
BofA Securities acted as exclusive financial advisor and A&O Shearman as legal advisor to EG Group.
No comments yet