As it continues to enhance operations that allow the company to offer customers ways to manage money, Walmart has announced the creation of a new fintech startup enterprise designed to develop and offer modern, innovative and affordable financial solutions.
Walmart is selling Asda, the company’s wholly owned U.K. business, for an enterprise value of £6.8 billion, on a debt-free and cash-free basis. The company is selling the chain to the Issa brothers, founders and co-CEOs of EG Group, a global convenience retailer, and investment funds managed by TDR Capital, a private equity firm.
Walmart said that the merger of its subsidiary in the United Kingdom, Asda, with rival retailer Sainsbury, has been blocked by the U.K. Competition and Markets Authority.
Walmart and Advent International have completed Advent’s previously announced investment in an 80% equity stake in Walmart Brazil. Walmart has retained a 20% stake in the business.
Target has named Gemma Kubat as senior vice president, supply chain engineering and activation.