Walmart Inc is selling a majority stake in Japanese supermarket chain Seiyu to investment firm KKR and e-commerce company Rakuten for over $1 billion, after suffering years of poor profitability amid stiff competition.
The deal, which values Seiyu at 172.5 billion yen ($1.65 billion) including debt, comes after on-off speculation about the world’s biggest retailer looking to exit Japan. It is below the 300-500 billion yen it reportedly sought a few years ago.
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