Issas close to £10bn Asda EG merger

The billionaire Issa brothers are closing in on a deal to merge their Asda and EG Group forecourts businesses into a £10bn retail group. Mohsin and Zuber Issa and TDR Capital, the London-based private equity firm, were yesterday applying the finishing touches to a merger between the supermarkets chain and EG Group, the British petrol forecourts business. The agreement could be finalised as soon as today. Apollo Global Management, the private equity firm, has been lined up to provide more than £500m of debt to finance the deal. Talks have been under way for more than six months. Their culmination would create a group with 581 supermarkets, 700 petrol forecourts and more than 100 convenience stores. The Times (£)The Guardian