Supermarket chain Morrisons is in talks with Motor Fuel Group (MFG), the UK's largest independent forecourt operator, to sell 340 fuel retail forecourts in a multi billion pound deal..
Sky News first reported the news which was later confirmed by MFG.
Both companies are controlled by private equity firm Clayton Dubilier & Rice (CD&R), with Sky News reporting the transaction could have an enterprise value of up to £2.5 billion. Separately, Reuters put the potential value of the deal at around £2 billion.
In a statement to Reuters, MFG said that the deal would include 500 freehold plots of land at Morrisons locations "where ultra-rapid electric vehicle (EV) and valeting hubs will be deployed,” in addition to the 340 existing locations.
The company said: "MFG is already committed to invest 400 million pounds over 10 years into building ultra-rapid EV hubs across their existing 900-strong MFG forecourt network.”
The Sky News report adds that an agreement is likely to be done during the autumn.
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