G3 Global Grain Group, a new joint venture between U.S. grain trader Bunge Ltd and the Saudi Agricultural and Livestock Investment Co, said Wednesday it is buying a majority stake in the Canadian Wheat Board (CWB) for C$250 million ($200 million).

Winnipeg, Manitoba-based G3 is acquiring a 50.1 percent stake in the CWB with the minority ownership interest being held in trust for the benefit of farmers. The transaction is expected to close in July 2015.