June 22, 2018 / 12:50 PM / 5 months ago

Walmart-Advent deal gets Brazil antitrust nod

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

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.

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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