A&O advises on the financing for Asda’s acquisition of EG Group’s UK and Ireland business
Related people
Annette Kurdian
Partner
London
John Kicken
Partner
London
Sampada Bannurmath
Associate
London
Hershil Kotak
Associate
London
Denise Gibson
Partner
London
Alice Smith
Partner
London
Marwa Elborai
Partner
London
Luke Newling
Senior Associate
London
Odysseas Theofanis
Senior Associate
London
Nicole Crockford
Associate
London
Lachlan Shaw
Associate
London
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Allen & Overy’s leveraged finance team has advised the debt financing sources on Asda’s acquisition of EG Group’s UK and Ireland operations for an enterprise value of c. GBP2.27 billion.
Asda, Britain’s third-largest grocer, has entered into an agreement to acquire EG Group’s UK and Ireland business consisting of c. 350 petrol filling station sites and over 1,000 food-to-go locations. The transformational combination will create a group with combined revenues of nearly GBP30 billion a year serving around 21 million customers each week. The transaction is expected to close in Q4 2023. Asda and EG Group are both owned by brothers Zuber and Mohsin Issa and private equity group TDR Capital.
The transaction will be funded by a combination of debt and equity, including c. GBP450 million of equity being provided by the shareholders, GBP770 million of term loan debt provided by Apollo-managed funds, as well as c. GBP1.1 billion from property related transactions.
The A&O team advising on the term loan was led by leveraged finance partner Annette Kurdian and high yield partner John Kicken supported by associates Sampada Bannurmath, Hershil Kotak and Oriana Yeung.
The A&O team advising on the other debt financing aspects of the transaction was led by leveraged finance partners Denise Gibson and Alice Smith and high yield partner Marwa Elborai supported by senior associates Luke Newling and Odysseas Theofanis, and associates Nicole Crockford and Lachlan Shaw.