November 9, 2018 / 5:16 AM / 4 days ago

Australia's Woolworths to sell petrol business to EG Group for $1.25 bln

Nov 9 (Reuters) - Australia’s Woolworths Group Ltd on Friday said it will sell its petrol business to British petrol retailer EG Group for A$1.73 billion ($1.25 billion).

The deal comes months after Australia’s largest supermarket operator canceled a A$1.8 billion sale of its petrol stations to BP Plc after it was blocked by Australia’s antitrust regulator.

As part of the deal, Woolworths and EG Group have entered into a 15-year commercial alliance encompassing fuel discount redemption, loyalty and wholesale product supply. ($1 = 1.3812 Australian dollars)

Reporting by Aditya Soni in BENGALURU

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