Britain’s Co-Op sells petrol forecourt business to rival Asda

Britain’s Co-Operative Group (42TE.L) said on Wednesday it had agreed to sell its petrol forecourt estate, comprising 129 sites, to supermarket rival Asda for 600 million pounds ($700 million).

The mutually owned Co-Op said it would use the proceeds of the sale to invest in its core convenience stores business and reduce its net debt.

($1 = 0.8561 pounds)