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Walmart Inc. is selling most of Japanese retailer Seiyu GK to KKR & Co. and Rakuten Inc. in a deal the companies said values the business at ¥172.5 billion ($1.6 billion), as the U.S. giant retreats from its two-decade attempt to crack Japan’s retail market.

Under the agreement, private equity fund KKR will become the majority owner with a 65% stake, while Japanese e-commerce giant Rakuten takes 20%, the companies said in a statement Monday. Walmart will retain a 15% minority interest.

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