The owners of British supermarket company Asda and fuel forecourts operator EG Group are considering a merger, according to the London-based Times on Saturday.
According to the newspaper, the merger would create a retail behemoth valued between 11 billion and 13 billion pounds ($13.6 billion-$16.1 billion), with over 581 supermarkets, 700 fuel forecourts, and 100 convenience stores in the United Kingdom.
Since 2016, brothers Zuber and Mohsin Issa and London-based private equity firm TDR Capital have jointly controlled EG Group. They then purchased Asda.
Asda and TDR Capital declined to comment. The Issa brothers could not be reached for comment right away.
The talks of integrating the two firms came ahead of EG Group’s refinancing, which has a 7 billion pound debt due in 2025, according to sources.