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Asda’s Issa brothers close to $300m US convenience store takeover
The billionaire brothers behind EG Group and Asda are almost at the finish line for a deal to acquire Sprint Food Stores, a US convenience store chain, for $300m.
The move would mean the tycoons would extend their presence in the US to 33 states, according to Sky News, who first reported news of the deal.
EG Group is reportedly finalising the acquisition, which would make it one of the biggest British-owned retail empires in the US.
The deal is anticipated to be finalised within days and will add 34 fuel and convenience store sites to Mohsin and Zuber Issa’s growing portfolio.
The brothers took over the joint purchase of supermarket Asda for £7bn last year, alongside private equity TDR Capital.