Zuber, left, and Mohsin Issa plan to combine EG Group, a company which they founded, with Asda, which they bought in 2020
The owners of Asda are set to announce a £10billion tie-up of the supermarket with their petrol station empire.
Sky News said that the billionaire Issa brothers plan to combine EG Group, a company which they founded, with Asda, which they bought in 2020 for £6.8billion, creating a huge company with revenues of about £30billion and 170,000 employees.
The deal is expected to be announced today. A tie-up has been mooted for months as EG needs to refinance its £7billion debt pile by 2025.
By merging the two, the Issa brothers hope that they can secure a better refinancing deal.
But critics, including the GMB union, have warned that it would lump a portion of that debt onto Asda, which already owes about £4.7billion, according to reports.
Last month, the union urged the Competition and Markets Authority to look into any deal.