Walmart Joins Argentina Corporate Exodus After Selling Unit
- World’s largest retailer is refocusing its global operations
- New regulations in country have sparked corporate departures
Photographer: Luke Sharrett/Bloomberg
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Walmart Inc. agreed to sell its business in Argentina, joining the exodus of multinationals from the South American nation amid toughening business conditions.
The world’s largest retailer is departing the country after 25 years with a deal to sell its Argentine operations to local investor Grupo de Narvaez, according to a joint statement Friday. Walmart, which didn’t disclose the value of the transaction, said it will record a non-cash loss of about $1 billion after tax mainly because of currency losses. It won’t retain an equity stake after the transaction.