EG Group agrees sale of Italian business
EG Group, the international operator of convenience retail, foodservice and fuel stations, has agreed to sell its business in Italy to a consortium of established Italian operators,
The deal with PAD Multienergy, Vega Carburanti, Toil, Dilella Invest and GIAP values the business at an enterprise value of €425 million.
EG Group said the move means it will be exiting the country as it looks to focus on its core markets and strengthen its balance sheet.
Russ Colaco, chief executive of EG Group, 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.”
The transaction is expected to compete by the end of 2025.
EG Group currently has operations in nine countries, with its single biggest market by revenue being the US, followed by Europe, including Italy, Germany, France, Netherlands, Luxembourg, Belgium and the UK, as well as Australia.
