British supermarket group Asda said it would buy petrol station operator EG Group's UK and Ireland business to accelerate its move into the convenience sector, creating a company with combined revenues of nearly 30 billion pounds ($38 billion).
Asda, Britain's third-largest grocer, and EG are both owned by brothers Zuber and Mohsin Issa and private equity group TDR Capital.
Tesco leads the market with a 27.1% share, according to the most recent data by Kantar. Sainsbury's holds 14.8% of the market, ahead of Asda on 13.9%. The deal comes as consumers grapple with a cost of living crisis that has left grocers trying to juggle the surging price of food with a need to pay higher wages, while also competing with German discount groups Aldi and Lidl.
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