US-based retailer Walmart has announced that it has reached an agreement to sell its business in Argentina to Grupo de Narvaez.
Walmart will not retain an equity stake, but will support the business through transition services and sourcing agreements under the new ownership, the company said.
Grupo de Narvaez has retail operations in Argentina, Ecuador, and Uruguay.
Judith McKenna, president and CEO of Walmart International, said: “We are very proud of our Argentina business and associates as they’ve led and shown resilience throughout this year serving customers when they needed them most. We are excited by the local retail expertise the new owners bring to this already strong business, and we believe this deal creates the right structure to help it truly flourish for many years”.
Fernando Minaudo, CEO of Grupo de Narvaez, added: “We are very proud and excited about this new investment. We share the same values: a customer-centric philosophy, focus on operational excellence and commitment to the communities in which we operate”.
Walmart Argentina started operating in 1995, and expanded to more than 90 stores.