EG Group Eyes US IPO, Snubbing London in £13bn Listing Plan – The Telegraph

The Issa brothers are preparing to take their petrol station empire, EG Group, public in the United States, potentially valuing the company at £13 billion, The Telegraph reported over the weekend.

The report states that Mohsin and Zuber Issa, along with private equity partner TDR Capital, are reportedly leaning toward a US initial public offering (IPO) in 2025. 

The Telegraph explains that despite their Blackburn roots, the choice to list in the US reflects the growing importance of EG Group's operations across the Atlantic. 

The US is now the company’s largest market, with EG said to be managing over 5,500 sites globally and generating $30.6 billion in revenue last year.

A US listing would enable the Issa brothers to sell portions of their stakes, realizing billions in value. 

The move also highlights London’s continued struggle to retain major listings, as companies like chipmaker Arm and tool rental giant Ashtead have opted for US markets in recent years.

The Telegraph adds that EG Group has made significant strides to reduce its debt, which peaked at $10 billion in early 2023. Recent efforts are said to have cut the figure to $5.3 billion, and Moody’s has upgraded the company’s outlook to stable. 

The changes aim to enhance EG’s appeal to potential investors.

The company’s expansion in the US saw them strike a $2.2 billion deal to acquire 800 Kroger convenience stores in 2018, followed by other acquisitions. Over time, EG’s UK presence has diminished, with most British sites sold to Asda in 2022.

Rothschild, Barclays, Goldman Sachs, JP Morgan, and Morgan Stanley are among the advisers reportedly involved in the listing.