Walmart Inc. says private equity firm Advent International will take an 80 per cent majority stake in its Brazilian operations, with Walmart retaining 20 per cent. Walmart did not disclose the value of the transaction.
This is the third major deal Walmart has made to reshape its international business since April. The company has been reworking its international business with a focus on investing in growth markets like China and India. It recently sold a majority stake in its UK arm ASDA to J Sainsbury Plc and paid $16 billion to pick up a majority stake in Indian e-commerce firm Flipkart.
Walmart is trying to catch up with competitors ranging from grocer Aldi to Amazon.com in key international markets. The retailer's international business has lagged, making up less than one-quarter of the total fiscal 2018 revenue of $500.3 billion.
The changes have been made since Walmart appointed chief operating officer Judith McKenna in January to run its international unit. Walmart sought buyers for its Brazilian business last year, but received no interest from rival retailers, which led the company to seek buyout firms.