Skip to content
Search

Latest Stories

Issa brothers ‘mulling Asda-EG Group merger’

Issa brothers ‘mulling Asda-EG Group merger’

BLACKBURN’S billionaire Issa brothers are exploring a merger of EG Group with supermarket chain Asda, media reports said.

Mohsin and Zuber Issa, who own EG Group alongside TDR Capital, bought Asda last year from Walmart in a deal that valued the UK’s third-largest grocer at £6.8 billion. The acquisition also brought the Leeds-headquartered company back under British ownership.


However, Walmart holds a minority stake in Asda after the transaction was completed earlier this year.

The option of merging EG Group with Asda is at the deliberation stage and there’s no certainty that it will lead to a transaction, Bloomberg said, citing sources. The owners could also explore other options if such a merger poses legal hurdles.

Eastern Eye could not immediately reach EG Group for comment.

EG Group and Asda are together believed to be worth £26.2 bn, including the debts of the two entities.

EG Group has a total borrowing of about £7 bn, while Asda’s debts stood at £4.35 bn, according to the report.

The brother’s attempt to transfer Asda’s forecourt business to EG Group, which was expected to reduce the grocer’s debts, fell through last month.

EG is also looking to off-load its Australian forecourt business which it had acquired from Woolworths Group in 2019 in a $1.2 bn (£900 million) deal.

A potential sale of the Australian chain of 540 fuel convenience sites could now potentially bring $2 bn (£1.5 bn) to EG.

After a modest start with a single filling station in Blackburn about two decades ago, EG has grown with debt-fuelled acquisitions. Now, the group has one of the world’s largest chain of forecourts with operations in the UK, Continental Europe, the US and Australia.

More For You

Satya Nadella backs £30bn Microsoft push in UK
Satya Nadella
Satya Nadella

Satya Nadella backs £30bn Microsoft push in UK

MICROSOFT CEO Satya Nadella on Wednesday (17) said the American tech giant is “doubling down” on its investments in Britain as US president Donald Trump began his state visit with the launch of a US-UK Tech Prosperity Deal.

The agreement focuses on advancing fast-growing technologies such as artificial intelligence (AI), quantum computing, and nuclear innovation.

Keep ReadingShow less
Jaguar Land Rover’s factory in Solihull, Britain

FILE PHOTO: A member of staff works on the production line at Jaguar Land Rover’s factory in Solihull, Britain. REUTERS/Phil Noble

Government steps in as JLR cyber attack stalls output

BRITAIN's largest carmaker, Jaguar Land Rover, said a pause in production due to a cyber attack would now stretch to September 24, extending the stoppage at its plants to more than three weeks.

The luxury carmaker, owned by India's Tata Motors, said it shut down its systems in early September to contain the hack that has severely disrupted its retail and manufacturing operations.

Keep ReadingShow less
Modi & Trump

Donald Trump and Narendra Modi shake hands as they attend a joint press conference at the White House on February 13, 2025.

Reuters

India, US to discuss trade issues after tariff hike

INDIA and the United States will hold trade discussions in New Delhi on Tuesday, officials and Indian media reports said, as the two countries look to resolve a tariff dispute.

India currently faces high US tariffs on most of its exports and has not yet been able to reach a trade deal that would ease the pressure.

Keep ReadingShow less
Piyush Goyal

Piyush Goyal recalled that in February, Narendra Modi and Donald Trump had instructed their trade ministers to conclude the first phase of the bilateral trade agreement (BTA) by November 2025. (Photo: Getty Images)

Getty Images

Trade talks with US moving forward positively, says Indian minister Goyal

INDIA’s commerce and industry minister Piyush Goyal on Thursday said that negotiations on the proposed trade agreement between India and the United States, which began in March, are progressing in a positive atmosphere and both sides are satisfied with the discussions.

He recalled that in February, Indian prime minister Narendra Modi and US president Donald Trump had instructed their trade ministers to conclude the first phase of the bilateral trade agreement (BTA) by November 2025.

Keep ReadingShow less
Baiju Bhatt

At 40, Bhatt is the only person of Indian origin in this group, which includes figures such as Meta’s Mark Zuckerberg. (Photo: Getty Images)

Baiju Bhatt named among youngest billionaires in US by Forbes

INDIAN-AMERICAN entrepreneur Baiju Bhatt, co-founder of the commission-free trading platform Robinhood, has been named among the 10 youngest billionaires in the United States in the 2025 Forbes 400 list.

At 40, Bhatt is the only person of Indian origin in this group, which includes figures such as Meta’s Mark Zuckerberg. Forbes estimates his net worth at around USD 6–7 billion (£4.4–5.1 billion), primarily from his roughly 6 per cent ownership in Robinhood.

Keep ReadingShow less