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Morrisons to sell 337 petrol forecourts as part of £2.5 billion deal

Morrisons has announced a £2.5 billion deal in which it will take a 20% stake in Motor Fuel Group and the latter will acquire 337 Morrisons… View Article

FOOD AND DRINK NEWS UK

Morrisons to sell 337 petrol forecourts as part of £2.5 billion deal

Morrisons has announced a £2.5 billion deal in which it will take a 20% stake in Motor Fuel Group and the latter will acquire 337 Morrisons petrol forecourts.

As part of the deal, MFG will also acquire around 400 associated sites for ultra-rapid electric vehicle charging development. In addition, Morrisons will enter into commercial and supply agreements with MFG.

Both firms are majority owned by US private equity firm Clayton, Dubilier & Rice.

Morrisons said the proceeds of the sale will fund further investment in its grocery and food-making businesses, and will also significantly strengthen its capital structure.

Rami Baitiéh, chief executive of Morrisons, said: “As the needs of the customer continue to evolve, Morrisons and MFG’s partnership will see us combine  our respective expertise and resources to deliver the best value for customers at the pump, in our  convenience stores and in our supermarkets.

“It means Morrisons customers will continue to see a competitive and attractive forecourt offering, including expanded access to EV charging, while also benefitting from greater focus on investment in Morrisons’ core food business.”

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