Walmart to divest Walmart Argentina to Grupo de Narváez
US retailing giant Walmart has agreed to divest Walmart Argentina, its business in Argentina, to Latin American group Grupo de Narváez for an undisclosed price.
Walmart said that Grupo de Narváez with its strong local expertise through retail operations across Argentina, Ecuador and Uruguay, brings strong local expertise to help its Argentine business thrive.
Walmart Argentina began operations in 1995 following the launch of its first shop in Avellaneda. The retailer now has 90 plus stores in 21 provinces and 9,000 associates under the Changomas, Mi Changomas, Punto Mayorista, and Walmart Supercenter banners.
According to Walmart, the Changomas, Punto Mayorista, and Mi Changomas banners will continue to cater to customers in Argentina post-transaction, while Walmart Supercenters will be rebranded after a transition period.
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.”
Walmart to sell Walmart Argentina to Grupo de Narváez. Photo courtesy of Walmart Inc.
Following the acquisition, Grupo de Narváez increases its footprint in nine countries with 656 stores and over 24,500 employees in its different formats and platforms.
Fernando Minaudo – Grupo de Narváez CEO said: “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.
“The company’s performance and dedication of its incredible associates through the COVID-19 pandemic have demonstrated the fundamental strength and resilience of the business, and we are thrilled to support the team, drive long-term growth and create new opportunities for associates and suppliers across Argentina.”
Last month, Walmart signed a deal to sell a majority stake in Asda, a British supermarket retailer, to the Issa brothers and investment funds managed by TDR Capital for an enterprise value of £6.8 billion.