Morrisons has agreed to sell its forecourts portfolio to sister company Motor Fuel Group for £2.5bn, in return for a 20% stake.
The supermarket chain said the “strategic” partnership between the two companies, both of which are owned by Clayton Dubilier & Rice, will allow Morrisons to reduce its £6.6bn debt.
Under the deal, Morrison’s 337 fuel forecourts are being acquired by MFG, along with 400 other sites nationwide for the development of ultra-rapid electric vehicle charging. MFG already has about 900 sites, making it the UK’s largest independent forecourt operator.
