Morrisons is closing in on a £2.5bn deal to offload its petrol forecourts business as it looks to bring down its soaring debts.
The supermarket is understood to be weeks away from securing a formal agreement with Motor Fuel Group, which is also owned by private equity firm CD&R, Sky News reported.
One source told the publication the deal was expected to be announced in early February.
Morrisons petrol forecourt business spans 340 sites, with another possible 150 locations being added as MFG pursues the rapid expansion of its ultra-fast electric vehicle charging network.
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Reports of talks between the two companies emerged last September and if successful, the move would echo Asda’s acquisition of EG Group’s UK and Ireland business.
Morrisons is expected to use a significant portion of the proceeds to pay down part of its £5.17bn debt pile.
CD&R’s £7bn takeover of the supermarket in 2021 was scrutinised by the Competition and Markets Authority due its ownership of MFG.
The regulator ruled that the sale of 87 of MFG’s forecourts would be sufficient to alleviate its concerns.
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