Wal-Mart has announced the acquisition of Brazilian retail operations Sonae – a Portuguese conglomerate – for around $757 million.
Wal-Mart said the acquisition will improve its position as a national retailer in Brazil, expanding its presence to 17 of the country’s 26 states.
Sonae’s retail unit includes 140 hypermarkets, supermarkets and wholesale units employing around 20,000 workers.
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