Private equity firm Advent International announced plans Monday to take an 80 percent stake in Walmart's Brazilian business as the retailer continues efforts to reshape its global business.
Earlier this year it announced plans to partially exit its stake in British grocer Asda by merging the business with J Sainsbury. It also announced a $16 billion acquisition of Indian e-commerce giant Flipkart.
The Bentonville, Arkansas-based retailer will retain the remaining 20 percent stake in Walmart Brazil and said it will lean on the private equity firm for its regional expertise.
"We believe that with our local market knowledge and retail expertise we can position the company to generate significant results and reach new levels of success in Brazil," Patrice Etlin, a managing partner at Advent, said in a statement.
The transaction is subject to approval from Brazillian regulators. The amount of the deal was not disclosed.
Walmart said it expects to take a noncash net loss of approximately $4.5 billion, largely due to currency fluctuations.
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