Walmart sells 85% of Japanese Seiyu supermarket stake in a $1.6 million-deal

KKR & Co, a global investment firm, will purchase a 65% stake, while Japanese online retailer Rakuten will acquire a 20% stake from Walmart, they said in a statement.

KKR and Rakuten will bring their expertise in e-commerce and global digital marketing to strengthen Seiyu in the increasingly digital shopping age, according to the statement.

Seiyu Chief Lionel Desclee will continue to lead in the transition period, after which he will take on a new role at Walmart, the world’s biggest retailer.

A board will be set up, made up representatives from KKR, Rakuten and Walmart, and a new CEO appointed, the companies said.