Skip Header
Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

Morrisons to sell 337 petrol forecourts to MFG for £2.5bn

(Sharecast News) - Morrisons said on Tuesday that it has agreed to sell 337 petrol forecourts to Motor Fuel Group for £2.5bn. MFG will also buy 400 associated sites across the UK for ultra-rapid electric vehicle charging development.

As part of the deal, Morrisons will take a minority stake of around 20% in MFG, and enter into commercial and supply agreements with the group.

Morrisons said the transaction will create "significant" synergies across fuel retail and ancillary services, as well as scale advantages and growth opportunities for both businesses.

The supermarket chain said proceeds from the sale will fund further investment in the grocery and food making businesses, as well as "significantly strengthening" the business's capital structure.

Morrisons chief executive Rami Baitieh said: "As the needs of the customer continue to evolve, Morrisons and MFG's partnership will see us combine our respective expertise and resources to deliver the best value for customers at the pump, in our convenience stores and in our supermarkets.

"It means Morrisons customers will continue to see a competitive and attractive forecourt offering, including expanded access to EV charging, while also benefitting from greater focus on investment in Morrisons' core food business. We are delighted to have such a strong partner in MFG and look forward to the opportunities a combined MFG and Morrisons forecourt offering will provide."

Share this article

Related Sharecast Articles

Frontier IP appoints new finance chief
(Sharecast News) - Intellectual property commercialisation specialist Frontier IP announced the appointment of Jo Stent as its new chief financial officer on Friday, effective from 22 April.
Directa Plus asphalt technology laid at Imola Circuit
(Sharecast News) - Graphene nanoplatelet specialist Directa Plus announced on Friday that 'GiPave', an asphalt solution incorporating graphene and recycled plastics, was being installed at the Imola Circuit ahead of the Emilia-Romagna Grand Prix in May.
Huddled Group buys Food Circle for £0.3m
(Sharecast News) - E-commerce investor Huddled Group announced the acquisition of online retailer Food Circle Supermarket on Friday, for total consideration of up to £0.3m.
Bens Creek shares fall as it moves mine into care and maintenance
(Sharecast News) - Shares in North American metallurgical coal miner Bens Creek were sliding on Friday afternoon, after the company issued an update on its operations and working capital position, confirming that its West Virginia mine was moving into care and maintenance.

Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

Award-winning online share dealing

Search, compare and select from thousands of shares.

Expert insights into investing your money

Our team of experts explore the world of share dealing.