Walmart Inc. (NYSE:WMT) entered into an in principle agreement to acquire 47% stake in Massmart Holdings Limited (JSE:MSM) for ZAR 6.3 billion on August 29, 2022. As per the terms, Walmart offered a consideration of ZAR 62 in cash for each Ordinary Share held by eligible Massmart Shareholders. Offer is subject to the execution of the transaction documentation, final approvals by the Massmart Board and Walmart and the approval of the Firm Offer by the Takeover Regulation Panel. As of October 21, 2022, Massmart shareholders has approved the transaction. The scheme is expected to be implemented on November 21, 2022. As of November 4, 2022, the offer becomes unconditional.

The Standard Bank of South Africa Limited acted as a financial advisor, Edward Nathan Sonnenbergs Inc. acted as a legal advisor, where as PricewaterhouseCoopers Corporate Finance (Pty) Ltd. provided the fairness opinion to Massmart Holdings. The Goldman Sachs Group acted as a financial advisor, and Webber Wentzel acted as a legal advisor to Walmart Inc.