EG Group, co-founded by a key investor in Asda, has divested its Italian operations in a transaction valuing the business at €425m (£367m).

The Blackburn-based firm has finalised an agreement with a consortium of seasoned Italian operators including PAD Multienergy S.p.A., Vega Carburanti S.p.A., Toil S.p.A., Dilella Invest S.p.A. and GIAP s.r.l., as reported by City AM .

EG Group described the sale as "another positive step" in its strategy to concentrate on key markets and enhance its financial position, according to a company statement.

Established by the billionaire Issa brothers, Mohsin and Zuber, EG Group is now jointly owned with private equity behemoth TDR Capital.

Russ Colaco, CEO of EG Group, commented: "We remain relentlessly focused on driving forward EG group's growth

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