Cumberland Farms, the convenience retail arm of UK-based EG Group, has completed the sale of its Australian business to Ampol for approximately $830m (£626.59m) in cash.

The disposal ends Cumberland Farms' operations in Australia.

The company said that the transaction forms part of the wider group's plans to reduce debt and focus resources on its main growth markets in the US and Europe, where it generates most of its revenue and has the largest number of sites.

Cumberland Farms said the proceeds will be used to fully repay its US-dollar senior secured notes, with the aim of lowering both outstanding debt and the related annual interest costs.

The Australian Competition and Consumer Commission cleared the deal earlier this month, allowing the transaction to complete and bringing Cumberland Farms' Australian market presence to an end.

Cumberland Farms CEO Russ Colaco said: "This is an important step in reshaping our global portfolio, strengthening our balance sheet and improving liquidity. I want to thank the Australian team for their contributions to the business over the years. We are now firmly focused on our core growth markets in the US and Europe."

Across its markets, Cumberland Farms employs around 32,000 people and operates more than 4,000 sites.

Separately, in March, the company agreed to acquire Coen Markets, a convenience and fuel retail operator, expanding its presence in parts of the north-eastern US.

The transaction includes 54 operating locations and three new-to-industry sites under development, covering Coen Markets' estate in western Pennsylvania, eastern Ohio and northern West Virginia.

In a separate development, the Financial Times reported last month that EG Group had confidentially submitted paperwork to the US Securities and Exchange Commission tied to a possible share sale that could raise approximately $1bn and value the company at more than $9bn.

"Cumberland Farms completes $830m sale of Australian business" was originally created and published by Retail Insight Network, a GlobalData owned brand.