Walmart sells 80pct of its participation in Brazil business to investor fund
Walmart store in Brazil. (Photo: Walmart Brazil)
Retail giant Walmart Inc. announced it has sold an 80 per cent stake in its Brazilian operations to US global capital privaty equity firm Advent International for an undisclosed amount.
Walmart will maintain the remaining 20 per cent ??of the business in Brazil, where it has 438 stores in 18 states and 55,000 associates after 22 years of operations.
The operation is subject to regulatory approval by Brazil.
As a result of the transaction, Walmart expects to record a non-cash charge of approximately USD 4,500 million related to the agreement in the second quarter.
For a decade, Brazil was a focus of expansion for the company, but its unit in this country stumbled in recent years as operating problems worsened the effects of a deep recession, reported Reu...