The Issa brothers have decided to terminate EG Group’s acquisition of Asda’s petrol forecourt business.
In an update on Monday, Asda said the termination came after the supermarket and the Issa brothers’ EG were allowed to share commercial information with one another.
They had been previously restricted under UK competitive law but a ‘hold separate’ order was lifted on June 16.
The sharing of information had resulted in several changes to the financial evaluation of the proposed transaction, Asda said.
The Competition and Markets Authority had expressed concerns about the Issa brothers’ takeover of supermarket Asda.
EG Group said it would now be commencing the process to redeem the £675m in aggregate principal amount of 6.25 per cent Senior Secured Notes due 2026 issued on March 12.
It will also look to unwind the related escrow arrangement.