Supermarket chain Asda has shaken hands on a £2.27bn deal to buy EG Group, the UK and Irish petrol station chain.

In a move masterminded by the billionaire Issa brothers, who co-own both businesses, the acquisition is hoped to reduce EG's debts of around $9bn.

And at a time when the Competition and Markets Authority is quizzing supermarkets over food and fuel pricing, motorists may be encouraged by a hint from the Issa brothers that cheaper fuel may be more readily available.

With both Asda and the EG Group being co-owned by private equity firm TDR Capital, Zuber Issa has described the deal was "an important strategic step" for EG Group, which also runs petrol stations in the US, Australia and Europe.

Mr Issa said: "Following this sale, EG Group will benefit from a significantly strengthened balance sheet."

The most likely tangible change to consumers is that Asda is now to step up its expansion in the convenience food sector: with EG owning around 350 fuel stations, it also has food locations that now top 1,000.

Combined under one account, the company is estimated to have a likely revenue approaching £30bn and a payroll of 166,000.

Since the Issa brothers bought Asda in 2021, they have already begun rolling out Asda "On the Move" facilities at 166 fuel stops.

Mohsin Issa, co-owner, said the new Asda presence at the forecourts would be "positive news for motorists, as will be able to bring Asda's highly competitive fuel offer to even more customers."

Asda currently has 438 fuel stations, a total that includes 129 forecourts that were acquired when the supermarket bought the Co-Op in a £600m deal in 2022.

With a 2022 revenue of £30.6bn and 55,180 staff, EG Group's story began in 2001 when the Issa brothers purchased their first fuelling site in Bury for £150,000.

EG Group and Asda is managed by a pair of experienced hands: chairman Baron Rose of Monewden, aka Lord Stuart Rose, has previously helmed Marks and Spencers (having joined the company as a management trainee in 1972), the Burton Group, Arcadia and Ocado.