LONDON—Walmart Inc. on Monday said it would sell its British arm Asda Group Ltd. to rival J Sainsbury PLC, a deal that values the chain at about £7.3 billion ($10.1 billion) and would, if successful, create the largest player in the U.K.’s fiercely competitive grocery market. The deal, under which Walmart gets a 42% stake in the combined company and almost £3 billion in cash, will free the U.S. retailer from having to drive growth in a challenging market while allowing it to benefit from greater heft.

Source: Wall Street Journal April 30, 2018 06:39 UTC