(Reuters) - Australian pallets and container company Brambles Ltd <BXB.AX> said on Tuesday it will sell CHEP Recycled, its recycled whitewood pallets business in North America, to Grey Mountain Partners for an enterprise value of $115 million.
The sale to the Colorado-based private equity firm is subject to regulatory approval and is expected to be completed within 45 days, the company added in a statement.
In August, the company had announced its intention to sell CHEP Recycled following the completion of a strategic review.
CHEP Recycled operates in the United States and Canada and supplies and recycles over 90 million pallets annually.
The company's stock was down 0.2 percent, compared to a 0.2 percent rise in the benchmark index <.AXJO>.
(Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Stephen Coates)
