Walmart Closes Investment in 51% Stake in Massmart

Wal-Mart Stores, Inc. WMT announced today that the company has completed its investment for a 51% stake in South African-based Massmart Holdings Limited for ZAR148.00 per Massmart ordinary share. In terms of the transaction agreement, Walmart is entitled to nominate the chairman and three non-executive directors to the Massmart Board. Walmart has asked current Massmart chairman Mark Lamberti to remain as chairman, while the Board will be further strengthened by Walmart executives Doug McMillon, Jeff Davis, Wal-Mart Stores, Inc. senior vice president, Finance & Treasury, and JP Suarez, senior vice president, Walmart International Business Development.