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Report: TDR Capital-backed gas station operator EG Group weighs IPO

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Report: TDR Capital-backed gas station operator EG Group weighs IPO

EG Group Ltd., a U.K.-based independent gas station and convenience store chain operator, is exploring an IPO in 2020, Bloomberg News reported, citing people familiar with the matter.

The company, which could be valued at more than £10 billion in an IPO, is looking to float its shares in the U.S., one of the people said, adding that a share sale might occur in the second half of 2020.

EG Group, which counts private equity firm TDR Capital LLP as one of its owners, is in initial discussions with banks and formal mandates are yet to be awarded. No final decisions have been made and plans could still be changed, the sources added.

Bloomberg reported that an EG Group representative could not be immediately reached for comment, while a TDR Capital representative declined to comment on the matter.