(Reuters) – Australian conglomerate Wesfarmers on Friday said it would sell its industrial gas supply arm, Coregas, to Japanese multinational firm Nippon Sanso for A$770 million ($480.33 million).
Wesfarmers expects to report a pre-tax profit of around A$230 million to A$260 million from the deal.
Coregas distributes industrial, medical and specialty gases in cylinders and offers a wide range of bulk gases for medium-to-large users across Australia and New Zealand.
The deal is expected to be completed by mid-2025 and is subject to regulatory approvals.
($1 = 1.6031 Australian dollars)
(Reporting by Rishav Chatterjee in Bengaluru; Editing by Vijay Kishore)
