Morrisons has agreed a £2.5 billion deal to sell its 337 petrol forecourts to Motor Fuel Group, which has the same private equity owner as the supermarket.

The Bradford-based retail giant said the proposed deal would also see it take a minority stake of around 20% in Motor Fuel Group (MFG) as part of a strategic tie-up.

Both firms are majority-owned by US buyout firm Clayton Dubilier & Rice.

Under the deal, MFG is set to take on the Morrisons forecourts – including fuel and associated convenience retail operations – as well as more than 400 electric vehicle (EV) charging sites, with plans to invest in further expansion of the EV network and forecourt retail operations.

Rami Baitieh, chief executive of Morrisons, said: “As the needs of the customer continue to evolve, Morrisons and MFG’s partnership will see us combine our respective expertise and resources to deliver the best value for customers at the pump, in our convenience stores and in our supermarkets.

“It means Morrisons customers will continue to see a competitive and attractive forecourt offering, including expanded access to EV charging, while also benefiting from greater focus on investment in Morrisons’ core food business.”