The Woolworths group Australia has sold its 540 Woolworths owned petrol sites to EG Group for $1.725 billion. As part of the acquisition, Woolworths has entered into a 15-year commercial alliance with EG Group that will see a new food supply agreement between the network, continued rewards programs and the continuation of Woolworths popular 4 cent fuel discount.

EG Group is a world leader in fuel and convenience sites, operating 4,700 retail locations and employing over 28,000 people across Europe and North America.

Woolworths Group CEO said that the deal was positive for both the team, shareholders and customers. “The agreement will continue to strengthen the opportunities our customers have for greater value when shopping with us, with the benefits of the Woolworths Rewards program and the fuel discount offer set to continue.”

“For the past 17 years, we have had a vision of becoming a leading petrol station/convenience store operator around the world. This is another exciting international milestone on our growth journey,” added Mohsin Issa, EG Group founder and co-CEO.

The completion of the acquisition is still subject to Foreign Investment Review Board approval.