Vice chairman of Wal-Mart Stores, Inc. Mike Duke has announced that Shinsegae Co. has agreed to purchase the company's South Korean retail business for Won 825 billion ($882 million).

South Korean retailer Shinsegae has 79 E-Mart hypermarkets in the country. It will continue to operate Wal-Mart Korea's 16 stores but will rename them E-Mart.

The agreement is subject to the approval by the Korea Fair Trade Commission.