Walmart divests majority of Japanese business

TOKYO — Walmart will sell a 65 percent stake in supermarket chain Seiyu to KKR, an investment firm, and 20 percent to e-retailer Rakuten. Under the deal, which values Seiyu at about $1.65 billion, Walmart retains 15 percent ownership of the chain. Walmart made its entry to Japan in 2002 with a six percent stake in Seiyu, growing its position until it became full owner in 2008. It had struggled to turn the business around, with Seiyu drawing a profit last year after posting losses in most previous years.