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Walmart Offers to Buy South Africa’s Massmart in $377 mln Deal

In 2021, Massmart Holdings Ltd discontinued its businesses in Nigeria and East African markets. 

Massmart has issued a detailed cautionary announcement that the Board of Directors of Massmart and the Board of Directors of Walmart Inc. have reached an in principle agreement regarding the terms and conditions associated with a Potential Offer by Walmart to acquire the outstanding shares in Massmart that it does not already own, excluding treasury shares.

U.S retailer Walmart which owns a majority stake in Massmart Holdings Ltd has proposed to acquire the outstanding shares in Massmart that it does not already own, excluding treasury shares, in a deal valued at 1.34 billion rands ($78.93 million).

If shareholders approve the deal, the South African retailer, would be delisted from the Johannesburg Stock Exchange.

“The potential offer, if finalised, will provide Massmart with needed access to ongoing financial and operational support from Walmart to sustain the group’s turnaround,” the retailer said in a statement. 

Massmart Holdings Limited is a South African firm that owns local brands such as Game, Makro, Builder’s Warehouse, and CBW. Massmart is 52.4% owned by the American multinational retail company Walmart.

In 2021, Massmart Holdings Ltd discontinued its businesses in Nigeria and East African markets.


 

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