Proceeds from the sale will repay US-dollar senior secured notes, reducing annual interest costs for the UK-based convenience retailer.
EG Group’s Cumberland Farms completed the sale of its Australian business to Ampol for $830m in cash. The deal aligns with the company’s strategy to reduce debt and refocus on core US and European markets, where it operates over 4,000 sites.
The transaction follows regulatory clearance by the Australian Competition and Consumer Commission earlier this month. Cumberland Farms generates most of its revenue in the US and Europe, where it employs around 32,000 people.
Proceeds will fully repay US-dollar senior secured notes, lowering outstanding debt and annual interest expenses. The company recently expanded in the US with the acquisition of Coen Markets, adding 54 locations.