TOKYO: Marubeni Corp said on Wednesday it will sell US unit Gavilon’s grains business to commodities trader Glencore PLC’s Viterra arm in a deal the Japanese trading house expects to be worth up to $3.5 billion.

In a statement, Marubeni said that it expects to recover 300 billion to 400 billion yen ($2.6 billion to $3.5 billion), including loans, through the deal, to be completed after the restructuring of US operations. Marubeni paid $3.6 billion to buy grains merchant Gavilon in 2013, and has booked a series of impairment losses since then. The deal, which is subject to closing conditions and regulatory approvals, is expected to close by March 31, 2023.