Grocery retailer Metro plans to sell 48.2% of its stake in convenience store operator Couche-Tard to BMO Nesbitt Burns, National Bank Financial and TD Securities.

Metro chief executive Eric La Flèche said the company made the decision “given the market value of our holdings in Couche-Tard relative to Metro’s total value”.

Following the sale, Metro will still retain a 5.7% economic interest and a 17% voting interest in Couche-Tard.