Retail giant Walmart Inc has agreed to sell its business in Argentina to Latin American group Grupo de Narvaez.

The new ownership, which has retail operations in Argentina, Ecuador and Uruguay, brings strong local expertise that will position the business to thrive, Walmart said.

The retailer will continue to support the business through transition services and sourcing agreements under the new ownership, however, it will not retain an equity stake.

Walmart Argentina started operating in 1995, with the launch of its first shop in Avellaneda. Since then the business has grown to more than 90 stores and 9,000 associates under the Changomas, Mi Changomas, Walmart Supercenter and Punto Mayorista banners. The Changomas, Mi Changomas and Punto Mayorista banners will continue to serve customers in Argentina, following the transaction. Walmart Supercenters will be rebranded following a transition period.

“Under Fernando Minaudo, Grupo de Narváez CEO, the new owners will continue to drive long-term growth for the business in Argentina’s dynamic retail environment. The company will remain one of Argentina’s largest employers and will continue to work closely with suppliers to provide the best value for customers, maintaining its commitment to supporting domestic suppliers and small businesses,” the group said.

US retail giant Walmart recently completed the sale of its business and announced plans to sell its UK supermarket chain Asda for GBP6.8bn (US$8.8bn).