TOKYO—Walmart Inc. threw in the towel on Japan after 18 years, selling most of its stake in a local supermarket chain and continuing its retreat from slow-growing global markets in favor of e-commerce bets.
Private-equity firm KKR & Co. will buy 65% of Tokyo-based Seiyu GK in a deal that values the 329-store, 34,600-employee chain at just over $1.6 billion, the companies said. Walmart will retain 15%, while Japanese internet company Rakuten Inc. will take 20%.
Walmart…
This post first appeared on wsj.com
