LevFin Wrap — EG Group & Asda coming together at last, Merlin upsizes but trades down
- Ryan Daniel
Despite Fitch putting the US government on negative ratings watch as the debt ceiling “X-date” looms, we won’t be including them in our high yield wrap just yet…
Our biggest highlight from the week was a report from Sky News that the Issa brothers, owners of EG Group alongside TDR Capital, are planning to merge operations with shopping giant Asda, which they also own. The result would be a retail mammoth given its combined total of 600 supermarkets, 700 petrol forecourts and 100 convenience stores. More than 20m customers pass through Asda stores and EG’s UK forecourts each week. See some 9fin analysis on EG Group from April, where we consider the potential for an ‘M&Asda’, and a look at the legal possibilities from January.