Caterpillar Inc said Thursday it will sell a 65 percent stake in its third-party logistics division to Platinum Equity for $750 million, to focus on its core businesses.

As part of the agreement with Platinum, the third-party logistics business will continue to provide logistics services for non Caterpillar-branded parts including FG Wilson, Perkins and Solar, as well as for Caterpillar Japan. Caterpillar will retain a 35-percent stake.

The deal is expected to close in the third quarter. (Reuters)