Walmart to sell majority stake in Seiyu supermarkets to KKR, Rakuten

U.S. retail giant Walmart Inc. said Monday it will sell a majority stake in its wholly-owned Japanese supermarket unit Seiyu GK to American investment company KKR & Co. and Japanese e-commerce firm Rakuten Inc. in a 172.5 billion yen ($1.6 billion) deal.KKR will acquire 65 percent of Seiyu and Rakuten will take a 20 percent stake through a newly created subsidiary to accelerate the retailer's digital transformation. Walmart will retain the remaining 15 percent stake.The transaction is expected to be completed in the first quarter of 2021.The companies said they aim to grow online shopping t…READ FULL ARTICLE