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DEALMAKERS By Ged Henderson
IN ASSOCIATION WITH:
Zuber and Mohsin Issa
DIFFERENT ROADS OPEN UP FOR THE ISSA BROTHERS
They may have gone their separate business ways but as 2024 came to a close there were no signs that the Issa brothers were losing their appetite for dealmaking.
Zuber Issa, the co-founder of EG Group and former co-owner of Asda, was making headlines amid reports of his efforts to strike his first acquisition since the breakup of the business empire built with his brother Mohsin.
Meanwhile, Mohsin was in the news over the launch of a Jersey based private investment fund looking to bring new opportunities for innovation-driven businesses.
And that was followed by further reports that both brothers could be in line for a big payout, with speculation that EG Group is looking at a £13bn listing on the US stock exchange, possibly as early as this year.
It meant 2024 ended with the Blackburn brothers firmly in the media spotlight, as they have been ever since it was revealed in the summer that they planned to go in different directions after 20 years of joint success.
June saw Zuber acquire the forecourt division of Blackburn headquartered EG Group, the company he co-founded with Mohsin in 2021, in a £228m deal – It has now been renamed EG On the Move (EGOTM).
He stepped down as EG Group’s co-chief executive, leaving Mohsin to lead the business on his own, while retaining his existing shareholding and board membership as a non- exec director.
Mohsin is now sole chief executive of EG Group, today an international operator of convenience retail, foodservice and fuel stations.
The business parting of the ways was never going to be the end of the billionaire brothers’ story and so it has proved.
In November it was revealed that investment bank Rabobank had become EGOTM’s “strategic partner”, providing new working capital facilities to support its “exciting growth plans”.
According to unconfirmed reports, those plans I am pleased that we have delivered further
progress with our successful deleveraging and refinancing strategy, which is central to the execution of our strategic objectives
Zuber also left his role on the board of Asda after completing the sale of his shares in the supermarket giant to private equity group TDR Capital in November.
The brothers had acquired Asda from US group Walmart in 2020, in a £6.8bn deal, with the backing of TDR. It now has 67.5 per cent of the business, with Mohsin holding 22.5 per cent. Walmart owns 10 per cent.
included pursuing a deal for Petrogas Group, the UK arm of Irish forecourt giant Applegreen.
Sealing a deal with Petrogas would significantly bolster EGOTM’s portfolio, adding more than 100 petrol stations across the country.
Rabobank has been serving and supporting the UK’s food and agribusiness for 40 years. EG Group has been a long-standing client.
In a statement announcing the strategic
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