Wal-Mart shops Brazil unit stake to Advent, other funds: sources

Wal-Mart shops Brazil unit stake to Advent, other funds: sources

Chamber Articles Category: Industry News Post Date: 01/22/18 Source: Reuters By: Tatiana Bautzer and Carolina Mandl
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Wal-Mart Stores Inc is in talks with buyout firm Advent International Corp and other funds to sell a major stake in its Brazilian operations, two people with direct knowledge of the matter said on Sunday.

Wal-Mart is being advised by Goldman Sachs & Co, according to one of the sources who spoke on condition of anonymity. Other private equity firms that are looking into the investment in the Brazilian unit are GP Investments Ltd and Acon Investments LLC, the source added.

Wal-Mart officials in Brazil declined to comment. Advent and GP declined to comment. Goldman and Acon did not immediately reply to requests for comment.

Wal-Mart’s overseas business is not the growth driver it once was as it has continued to grapple with an economic slowdown in Brazil and competition from discount retailers in the UK. Read Full Article