"Debt reduction is a primary component of our business plan, and this initiative illustrates our commitment to that plan," Saskpool's CEO, Mayo Schmidt, said in a statement.
Saskpool said that if all closing conditions were met, it would take an accounting loss against fourth-quarter earnings of about $20 million, or 53 cents per share.
Saskpool, with 70,000 members, has been struggling with declining grain handling revenues, falling stock prices and a steep debt load.
In restructuring efforts over the past year, 76-year-old Saskpool, a western Canadian farming institution, has laid off more than 500 employees and closed 298 of its conventional rural elevators.
