June 22, 2018 / 12:50 PM / a month ago

Walmart-Advent deal gets Brazil antitrust nod

SAO PAULO (Reuters) - Brazil’s antitrust watchdog Cade on Friday approved buyout firm Advent International’s acquisition of Walmart Inc’s (WMT.N) Brazilian operations, and sought no additional asset sales.

FILE PHOTO: The main entrance to a Walmart store is pictured in Sao Paulo, Brazil February 14, 2018. REUTERS/Paulo Whitaker/File Photo

Earlier this month, Walmart agreed to sell an 80 percent stake of its Brazilin unit to Advent, partially exiting an underperforming business and recording a noncash charge of roughly $4.5 billion.

Advent plans to convert unprofitable hypermarkets into cash-and-carry wholesale stores and expand brands developed by Walmart in Brazil such as Maxxi and Todo Dia.

Reporting by Alberto Alerigi Jr; Writing by Carolina Mandl; Editing by Jeffrey Benkoe

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