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.
Advent is a global private equity fund with a strong local presence and extensive experience in retail investment both in Brazil and internationally, noted Walmart. Since the opening of its São Paulo office in 1997, the fund has invested in 30 Brazilian companies from various sectors.
Walmart Brazil currently has 438 stores in 18 states, with 55,000 associates.
The transaction follows other international moves for Walmart, including its $16 billion acquisition of e-commerce outlet Flipkart in India and a merger deal between its Asda Group and Sainsbury in the United Kingdom.