The sale comes just over one year after Wesfarmers demerged Coles in November 2018.
Following the sale, Wesfarmers will retain a minority interest of 10.1 per cent in Coles and its right to nominate a director on the Coles Board.
Wesfarmers Managing Director Rob Scott said the partial sale of the Coles shareholding would crystallise a strong return for shareholders while enabling continued strategic alignment and collaboration between the two companies in relation to mutually beneficial growth initiatives
Shares in Wesfarmers (ASX:WES) closed 0.4 per cent lower at $45.25 yesterday.