08:04 AM EDT, 06/20/2024 (MT Newswires) -- Bunge (BG) said Thursday it agreed to sell its 50% stake in BP Bunge Bioenergia to BP (BP), its joint venture partner, for an expected $800 million.

The joint venture, formed in 2019, is a bioenergy and sugarcane ethanol business with 11 mills across Brazil.

The deal is expected to close in Q4, the company said.

Bunge's Chief Executive Greg Heckman said the business was not part of the company's long-term strategy. "This transaction will allow us to focus and invest in our core businesses while also further strengthening our balance sheet," he said.