The federal government has sold majority ownership in the Canadian Wheat Board to a newly established joint agribusiness venture called G3 Global Grain Group.
G3 will be headquartered in Winnipeg.
It's a joint venture between Bunge Canada, a subsidiary of Bunge Limited and SALIC Canada Limited, a subsidiary of a Saudi Arabian investment Company.
A G3 statement says the deal is worth about 250 million dollars.
Federal Agriculture Minister Gerry Ritz says while G3 will own 50 point 1 per cent of the CWB, Canadian farmers will have the chance to participate in the ownership of the remaining 49 point 9 per cent through the continuation of the Farmer Equity Plan.
Ritz says the growth associated with this deal is expected to increase Canada's grain export capacity and add hundreds of jobs.
G3 officials say Bunge's export terminal in Quebec City as well as four elevators in Quebec are part of the deal.
Bunge North America CEO Todd Bastean says the deal complements his company's existing Canadian footprint and strengthens it's export capabilities.
