Indian e-commerce firm Flipkart's board is yet to finalise a deal to sell a stake to Walmart Inc., two sources with direct knowledge of the matter said on Friday, with one of them saying a deal could just be days away.
Bloomberg, earlier on Friday, citing unnamed sources, said the firm's board had approved a deal to sell a stake of about 75% in the company to a group led by US retail giant Walmart for about $15 billion.
Walmart is in advanced talks with Flipkart to acquire a controlling stake of more than 51% in the Bengaluru-based online marketplace at a valuation of at least $18 billion, Reuters has previously reported.
A third source told Reuters that while Flipkart's board has "in-principle" approved engaging with Walmart based on the terms of an offer before them, taxation related concerns and a few other issues need to be resolved.
Sources have said that Amazon.com Inc is also interested in buying Flipkart, India's top homegrown e-commerce firm, but a deal with Walmart is much more likely to go through. Amazon is Flipkart's biggest rival in India.
News by Reuters, edited by ESM. Click subscribe to sign up to ESM: European Supermarket Magazine.
