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SAO PAULO, April 27 (Reuters) - Advent International Corp is in exclusive talks to acquire an 80 percent stake in Walmart Inc’s Brazilian unit, a person familiar with the information said on Thursday.
Reuters reported in January that Walmart was shopping its Brazilian unit to private equity firms Advent, GP Investments Ltd and Acon Investments LLC.
Newspaper Valor Econômico first reported on Friday that Advent had advanced to the exclusive phase of negotiations, saying an agreement could be announced as soon as May.
Reuters reported in March that, in the due diligence process, potential buyers had estimated that Wal-Mart owes up to $3 billion in back taxes to state governments in Brazil, potentially adding to pressure for a discount sale.
Representatives for Walmart and Advent did not immediately respond to requests for comment. (Reporting by Carolina Mandl; Writing by Bruno Federowski Editing by Nick Zieminski)