Wal-Mart offers to buy Massmart for $4.25B

BENTONVILLE, Ark. (AP) - Wal-Mart-Stores Inc. says it has offered to buy South African retailer Massmart Holdings Ltd. for approximately $4.25 billion.

A deal would give the world's largest retailer an opening to expand in Africa, a fast-growing region.

Wal-Mart said Monday that it would pay 148 rands ($21.11) per share for Massmart, which has 201.5 million shares outstanding according to Thomson Reuters.

Massmart, based in Johannesburg, runs 290 stores in 13 countries in Africa, with most majority in South Africa. It also manages eight wholesale and retail chains under various brand names.

Wal-Mart is based in Bentonville, Ark.