Essar firm to acquire U.K. fuel retailer SGN Retail for £400 million

EET Retail Limited has agreed to acquire 100% of U.K. independent forecourt operator SGN Retail for an estimated £400 million.

The transaction will add 118 fuel stations to EET Retail's existing 117 sites, bringing the combined throughput to 650 million litres annually.

The acquisition will be funded using cash and a new £250 million senior debt facility arranged by a consortium of international banks.