Brazilian retailer GPA has agreed to sell its network of filling stations in Sao Paulo state to conglomerate Ultrapar as part of a broader push to divest from assets in the fuel industry.
GPA, whose core operations are in food retail but also owns 71 fuel stations across the country, had announced last year plans to sell off the fuel station chain as part of a divestment strategy to reduce financial leverage.
The Ultrapar deal involves 49 stations in Sao Paulo, Brazil's most populous and wealthiest state. GPA also said in a securities filing it had agreed to sell other gas stations in eight different Brazilian states to unnamed buyers.
Until the effective transfer to the buyers, these gas stations will be operated by GPA, including the appropriation of the profits produced by the respective operations, the company added.
Full story Brazil's GPA Sells Sao Paulo Fuel Stations To Ultrapar | ESM Magazine
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