Walmart completed the sale of 85% of its stake in Seiyu to private equity group KKR and Japanese ecommerce giant Rakuten, with the American retailer set to retain 15% of the remaining shares. 

KKR will become the majority shareholder, having bought 65% of Walmart’s stake, with Rakuten taking 20% of Seiyu, which operates more than 300 supermarkets across Japan and employs more than 35,000 people. 

In a statement on the deal, Walmart said it expected to incur a non-cash loss of around $2bn in its fourth quarter as a result of the disposal.