Walmart divested 80 percent of its Brazilian business to private equity firm Advent International.
Under the transaction, Walmart will retain 20 percent of Walmart Brazil. The retail giant anticipates a $4.5 billion net loss as a result of the deal, due in large part to currency exchange.
Patrice Etlin, managing partner at Advent International, said in a statement: "We believe that with our local market knowledge and retail expertise we can position the company to generate significant results and reach new levels of success in Brazil. We plan to invest in the business, work with the Walmart Brazil management team, associates, Walmart and our industry advisers to create a more agile and modern company to accelerate its development and improve the customer experience."
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