MFG has confirmed its discussions with Morrisons to acquire 340 fuel retail forecourts together with 500 freehold plots of land at the supermarket locations where ultra-rapid EV and valeting hubs will be deployed.
In a statement released by the number one Top 50 Indie, the company said the proposed £2bn acquisition would enable it to play a key role in UK energy transition, providing a strategic opportunity to become the UK’s leading charge-point operator.
MFG is already committed to investing £400m over 10 years into building ultra-rapid EV hubs across its existing 900-strong MFG forecourt network; and following this acquisition, would accelerate this investment in EV hubs and valeting facilities throughout the Morrisons supermarket estate.
”The acquisition has great symmetry,” said a spokesman for the company.
”MFG’s core business is running fuel, convenience retail, foodservice, valeting and EV charging sites across the UK and the Morrisons core business is running a hypermarket food and wholesale businesses.”
Background
MFG was acquired by CD&R for £500m in 2015 and has more than 900 stations, while Morrisons has around 335, giving it potential combined control of more than 1,200 forecourts.
CD&R acquired Morrisons following a bidding war with fellow US private equity group Fortress which resulted in the £7.1bn takeover of the UK supermarket in October 2021.
The Competition and Markets Authority (CMA) then announced an investigation of the acquisition which resulted in 87 sites being earmarked for sale.
