The subsidiary of CI Traders, an AIM-listed Jersey-based company, intends to operate the two stores under their existing company names, but with a new corporate brand and trading style.
Morrisons said that the sale will allow it to focus on its UK business.
Some 400 staff will be transferred to CI Traders, a specialist in consumer and leisure in the Channel Islands, with 15 secondees from the mainland still retained to provide managerial services in the short term.
At the same time, the retailer has acquired north of England bakers Rathbone bakeries for£15.5 million. Morrisons takes on freehold premises in Middlesbrough, Wigan, Wakefield and Lidney from administrators. The company will be used to supply the retailer with baked goods.