SAO PAULO, Jan 21 (Reuters) - Private equity firm Advent is in talks to buy 50 percent of Wal-Mart Stores Inc’s operations in Brazil, according to a report in Brazil’s O Globo newspaper on Sunday.
Wal-Mart operates in 18 Brazilian states with 471 stores, according to the company’s local website. The company’s Brazilian unit reported revenues of almost 30 billion reais ($9.39 billion) in 2016.
Efforts to reach Advent’s local office in Sao Paulo and press representatives of Wal-Mart in Brazil on Sunday were unsuccessful.
O Globo did not provide a source or any details on the state of the talks or possible value of an eventual deal.
Retail sales in Brazil are starting to recover from a two-year recession. Christmas sales were 5.6 percent higher than a year ago, according to credit data supplier Serasa Experian. ($1 = 3.1960 reais) (Reporting by Marcelo Teixeira; Editing by Paul Simao)