British retailer, EG Group has been given the all clear from the Foreign Investment Review Board (FIRB) to acquire Woolworths Group’s 540 fuel convenience sites.
The FIRB said the Commonwealth had no objection to the takeover, which was the only condition needed for the $1.725 billion deal to proceed.
In November, the supermarket giant announced a 15-year commercial alliance with the global leader in fuel and convenience retailing.
As part of the deal to sell its 540 fuel convenience sites, Woolworths will also commence a wholesale food supply agreement to the network. Woolworths four cent per litre fuel discount will continue and customers will continue to earn Woolworths Rewards points on fuel and merchandise.
In a statement released to the ASX on Thursday morning, Woolworths Group said it intends to return up to $1.7 billion to shareholders. Full details will be announced on completion of the deal, which is expected to occur in April 2019.
Extracted from Inside FMCG