EG group finalises purchase

The EG group has reportedly finalised the purchase of Woolworth’s petrol business.

Founder and c0-CEO Mohsin Issa said the company was pleased to start the new chapter.

“We are pleased to have turned the page on this exciting new chapter for the EG Group,” Mr Issa said.

“Australia is a key market in the Asia Pacific region and this acquisition allows the EG Group to establish a solid base for further growth in the region.”

According to the Australian Financial Review, the EG Group has already appointed former Caltex executive Mike McMenamin as CEO.

The acquisition, worth around $1.7 billion was completed on April 1.

The deal allows the EG Group to expand into Australia, with the purchase of Woolworth’s network of 540 sites.

With the new acquisition, the EG Group now owns and operates about 2,250 sites across Europe, the US and Australia.

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