Walmart has reportedly submitted a bid for Indonesian retailer Matahari’s hypermart stores, joining regional competitor Lotte Shopping and private equity firm Carlyle Group.
Although it is unclear whether Walmart has formally bid for the business, Reuters reports that the retailer has hired Barclays Capital to advise on the transaction, which could be worth up to $1bn.
Matahari is selling its hypermart network of stores - the second-biggest chain in Indonesia - to focus on its core healthcare and property assets. The auction remains private, and Bank of America is advising Matahari on the sale.
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