Wal-Mart Stores has reportedly joined the bidding for Indonesian retailer Hypermart.
The US retail giant is expected to compete in an auction for the chain with South Korea’s Lotte Shopping and private-equity fund Carlyle, Reuters reported.
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According to the reports it is not understood if Wal-Mart has submitted a formal offer but the sources say that it has hired Barclays Capital to advise it on the transaction.
Indonesian conglomerate Matahari Putra Prima is said to be selling Hypermart to focus on its core healthcare and property assets.
The Hypermart chain of 38 stores is valued at around US$1bn, according to reports.
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