Walmart sells majority stake in Japanese Seiyu supermarket

TOKYO: U.S. retailer Walmart is selling off 85% of its wholly owned Japanese supermarket subsidiary Seiyu, while retaining a 15% stake, in a deal valued at 172.5 billion ($1.6 billion), the companies said Monday.

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.