Morrisons is selling its 337 petrol forecourts to private equity stablemate Motor Fuel Group (MFG) in a £2.5billion deal.
As part of the tie-up, MFG will buy more than 400 locations from the supermarket that will offer ultra-rapid electric vehicle chargers.
At the same time, Bradford-based Morrisons is taking a 20 per cent stake in MFG.
Both companies are controlled by US buyout group Clayton, Dubilier & Rice (CD&R).
Morrisons is battling to turn around its fortunes after a run of dismal financial results since it was taken over by CD&R three years ago.
Sell-off: Morrisons is selling its 337 petrol forecourts to its private equity stablemate Motor Fuel Group
The supermarket said it did not expect any job losses as part of the deal and would continue to supply the food sold at the forecourts.
Billed as a new ‘strategic partnership’ between the two companies, Morrisons said the deal would fund further investment in its grocery and food-making business and strengthen its finances.
Morrisons chairman Sir Terry Leahy said about £2billion would be invested back into the supermarket group.
The deal will also help the supermarket address its £5.5billion debt pile.
Clive Black, analyst at investment group Shore Capital, played down the likely impact on the supermarket sector.
‘We do not think it rocks the UK grocery market apple cart,’ he said.
Morrisons is battling the increasingly popular discounters Aldi and Lidl.
Industry data published yesterday showed that Morrisons’ hold on the grocery market was sliding even further.
The beleaguered grocer held 8.8 per cent of the market over the three months to January 21, whereas it held 9.1 per cent a year earlier, according to Kantar’s latest numbers.