Greenergy, which claims to transport a quarter of the road fuel used in the UK at around 18bn litres each year, has been locked in negotiations with the infrastructure group for several months, it was first reported by Sky News.
It’s thought a deal could be nearing completion, although any announcement could be some weeks away.
Greenergy, one of the UK’s biggest private companies, hired advisers at the Dutch bank ING last summer to evaluate a transaction. Valuations around that time suggested the company could be worth up to £500m.
Tesco’s pension fund currently owns just over one-third of the business.