Walmart Reportedly Seeking Buyers In Brazil

Walmart is looking to divest a major stake in its Brazil unit, and is talking to buyout firm Advent International and private equity firms GP Investments and Acon Investments, according to a Reuters report citing two unnamed sources. Walmart has built a significant business in Mexico, (pledging a $1.3 billion investment in operations there a little over a year ago) but is reportedly faltering elsewhere in Latin America, especially in Brazil. Just last year Walmart was reportedly mulling boosting its investment in Brazil — some $320 million over three years — to invigorate sales there. Walmart didn’t immediately return Retail Dive’s request for more information or comment on its plans for the country. Read more at Retail Dive.