- Around 260 French sites to be sold to EG On The Move.
- Move forms part of EG Group’s US-focused restructuring.
- EG On The Move expands beyond the UK for the first time.
EG Group has agreed to sell its French operations to co-founder Zuber Issa, in the latest step towards a planned New York IPO expected to value the business at roughly £7 billion ($9 billion). The EG Group sale of its France business marks another shift in strategy as the Blackburn-based petrol forecourt operator trims its international footprint and focuses more heavily on the US market.
The deal will see about 260 French sites transferred to EG On The Move, the fast-growing forecourt business founded by Issa in 2023. The value of the French disposal has not been disclosed.
EG Group, which is owned by Zuber Issa, his brother Mohsin Issa and private equity firm TDR Capital, has been cutting debt and selling assets as it prepares for a stock market listing in New York, expected within the first half of the year. The company declined to comment.
Slimming down before Wall Street
The sale of the French sites follows a string of exits from other markets. EG Group has already left Australia and Italy, raising £530 million and €425 million respectively from those sales.
For observers, the pattern appears clear. The group is simplifying its structure and generating cash ahead of a possible IPO, while sharpening its focus on the US, where it has built a sizeable convenience and fuel retail presence.
Zuber Issa stepped down as co-chief executive in 2024 but retains a 25 per cent stake and a board seat. He reportedly told the Financial Times in August that he would prefer the company to explore a sale of its US arm rather than pursue a public listing.
For EG On The Move, the acquisition represents its first expansion outside the UK. Once completed, the business will own and operate more than 650 sites.
The company said it had entered into a put option to acquire the French assets and that the transaction would be submitted to employee representative groups. Completion is expected by the second quarter of the year, subject to regulatory approval.
Issa’s newer venture appears to be following a familiar formula: investing in on-site convenience stores and adding branded food outlets such as Starbucks and Subway to attract drivers. The business currently generates annual earnings before interest, tax, depreciation and amortisation of more than £100 million. Issa reportedly said last year that he wants to grow that figure to £500 million over time.
The reshuffle leaves EG Group leaner and potentially more focused ahead of its planned New York float, while Issa strengthens his own separate platform in the forecourt sector.
