Wal-Mart expands into Africa with $4.2bn deal
Wal-Mart, the world's biggest retailer, is expanding into Africa for the first time after offering to buy one of South Africa's largest chains in a multi-billion dollar deal.
Andy Bond, who helps run Wal-Mart's international business, said South Africa 'possesses attractive market dynamics' Photo: Clara Molden
The US retailer, which owns the Asda chain in the UK, plans to buy MassMart, which sells general merchandise, electronic goods and food at its 290 stores, for $4.2bn (£2.6bn). The deal also gives it a toehold in Nigeria, Ghana and Botswana.
"Africa fits very nicely into a strategy of building an international business skewed to emerging markets," said Bryan Roberts, an analyst at Planet Retail.
