Metro Inc plans to raise C$479m (US$482m) through the sale of its stake in convenience operator Couche-Tard.

Metro has reached a deal with BMO Nesbitt Burns, National Bank Finaancial and TD Securities to sell the shares at C$47.90 each. The company announced signalled its intention to divest a significant proportion of its holdings in Couche-Tard yesterday (22 January), when shares closed at C$48.98.

Metro Chief Executive Eric La Fleche said the company made the decision based on "the market value of our holdings in Couche-Tard relative to Metro's total value".

He added: "We are evaluating opportunities for the use of proceeds, including investments for growth and returns to shareholders.".

Following the sale, Metro will still have a 5.7% economic interest and a 17% voting interest in the convenience group.