Global private equity firm Advent International has invested in an 80% equity stake in retail major Walmart’s Brazilian unit.

In June, Walmart announced the deal as part of a review process of its international portfolio.

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According to Walmart, the investment will enable its Brazilian arm to strengthen the business and position it for long-term success.

While signing the deal, Advent International Brazil managing partner Patrice Etlin said: “We have been in Brazil for over 20 years and are excited about this partnership with one of the country’s leading retailers.

“We believe that, with our local market knowledge and retail expertise, we can position the company to generate significant results and reach new levels of success in Brazil.

“We can position the company to generate significant results and reach new levels of success in Brazil.”

“We plan to invest in the business, work with the Walmart Brazil management team, associates, Walmart, and our industry advisors to create a more agile and modern company to accelerate its development and improve the customer experience.”

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Under the terms of the deal, Walmart has retained the remaining stake in its Brazilian arm. The retailer expects a non-cash net loss of approximately $4.5bn as a discrete item during the second quarter as a result of this transaction.

Walmart was advised by Goldman Sachs and Advent International by Credit Suisse and Euro Latina Finance for the transaction.

The retail major currently operates 38 stores with 55,000 associates in 18 states across Brazil.