Walmart is the biggest retailer on earth. It still couldn't win South Africa, so in 2022 it quietly pulled its own company off the stock market. 2011: buys control of Massmart, the group behind Game, Makro and Builders. 2022: pays R62 a share for the 48% it didn't own, about R6.4 billion, and delists after 22 years on the JSE to fix Game away from public view. Retail is local, not global. What's the last global brand you watched lose to a local rival who just knew the customer better? #PrivateEquity #Investing #SouthAfrica #Retail #globalarbitrage