Issa brothers complete $1.5bn USA property sale and leaseback in bid to slash debt
, in 2001 and their EG Group now has more than 6,600 sites across the world, incorporating brands such as Euro Garages, Coopland and Leon. The sale covers a portfolio of 415 stores under the Cumberland Farms, Fastrac, Tom Thumb and Sprint banners.The transaction is expected to close in the second quarter of 2023, subject to customary closing conditions, and the Group will use net proceeds to repay debt.
Zuber Issa, CBE co-founder and co-CEO of EG Group, commented: “Today’s announcement demonstrates the progress we continue to make to put in place a robust capital structure for the medium term that will underpin our long-term strategy and represents an important first step in this process.”
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