Later today, Woolworths Ltd
(ASX:WOW) is expected to announce the sale of its petrol station network to BP for $1.8 billion.
As part of this deal, BP will acquire 500 fuel and convenience stores that are under the Woolworths brand name.
Each year, Woolworths’ petrol stations sell around 4 billion litres of fuel, with earnings between $130 million and $150 million.
However, before this deal can go ahead, it will need approval from the Australian Competition and Consumer Commission (ACCC), and this deal could take 12 months to complete.
Woolworths reported a net loss of $2.3 billion at 30 June 2016.
