Ahold has sold its Brazilian retail chain Bompreco to Wal-Mart for $300m.

Wal-Mart Brazil has also bought Ahold’s Hipercard credit card operation in the region, the combined deal comes to $500m.

Back in June last year, The Grocer revealed that John Menzer, president and CEO of Wal-Mart International was keen to take a closer look at Ahold's businesses. He also added that Wal-Mart wanted to continue growing its operations in Europe, where it owns Asda and a business in Germany.

Bompreco operates118 hypermarkets and supermarkets in north eastern Brazil.

Ahold noted that its Barbosa unit in Brazil was not included in the transaction.