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(Reuters) – British supermarket organisation Morrisons said it had reached a 2. 5 billion pound ($3. 2 billion) deal to sell 337 petrol stations to Motor Fuel Group (MFG) and will use the proceeds to invest in its grocery supply and capital structure.
Morrisons, the UK’s fifth-largest supermarket, and MFG are owned by US equity organisation Clayton, Dubilier.
The deal will also see MFG source more than 400 related sites across the U. K. for the advancement of ultra-fast charging for electric cars (EVs), the two announced on Tuesday.
They will form a strategic partnership, with Morrisons taking a stake of about 20% in MFG, and entering into commercial and supply agreements with it.
“The proposed transaction will create significant synergies between retail fuel and ancillary services, as well as scale and expansion opportunities for either business,” the corporations said, adding that the deal would be a significant task creator.
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Morrisons, which will report its 2022/2023 results on Wednesday, lost share in the U. K. grocery market, ending 2023 down 8. 8%, down 30 base emissions for the year, according to researcher Kantar.
In October, Asda, Britain’s third-largest supermarket group, finalised the acquisition of most of petrol station operator EG Group’s UK and Ireland operations for a £2. 1 billion deal.
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(Reporting by James Davey in London and Eva Mathews in Bangalore; editing by Anil D’Silva, Sachin Ravikumar and Ed Osmond)