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(Market Watch) — The retail giant (WMT 53.39, -0.09, -0.17%) has offered to buy Johannesburg, South Africa-based Massmart Holdings Ltd. (ZA:MSM 14,900, +1,425, +10.58%) for more than $4 billion in a move to jump-start its entry into the fast-growing African market. Read more about Wal-Mart’s deal.

Massmart is a top distributor and retailer of consumer goods and general merchandise on the African continent, Wal-Mart said. It runs 290 stores in 13 countries in Africa, with most of its stores in South Africa, and manages eight wholesale and retail chains under a variety of different brand names.

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