Woolworths Group Ltd, an Australian retailing company, announced it plans to sell its petrol business to British petrol retailer EG Group for A$1.73 billion ($1.25 billion).
As part of the deal, Woolworths and EG Group have entered into a 15-year commercial alliance encompassing fuel discount redemption, loyalty and wholesale product supply.
Woolworths said it will consider a range of options for the use of proceeds, including capital management initiatives.
EG Group also said that the Woolworths’ assets present an opportunity to further grow its international footprint. The deal, which is expected to be completed in early 2019, will be subject to Foreign Investment Review Board approval.