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India's Flipkart Approves $15bn Stake Sale To Walmart-led Group: Bloomberg

Published on May 4 2018 9:35 AM in Retail tagged: Featured Post / India / Walmart / Amazon / Flipkart

India's Flipkart Approves $15bn Stake Sale To Walmart-led Group: Bloomberg

Indian e-commerce firm Flipkart's board has approved a deal to sell an equity stake of about 75% in the company to a group led by Walmart Inc for about $15 billion, Bloomberg reported on Friday, citing unnamed sources.

SoftBank will sell its 20-plus percent stake as part of the deal, Bloomberg said, adding Google's parent Alphabet Inc. was likely to participate in the investment with Walmart.

A final close of the deal is expected within 10 days, although deal terms could still change and a deal isn't certain, Bloomberg reported.

Flipkart and Alphabet did not immediately respond to requests for comment. Walmart and SoftBank declined to comment.

Earlier this week, Indian TV channel CNBC-TV18 reported that Amazon.com Inc. had made a formal offer to buy 60% of Flipkart. Amazon, which is Flipkart's biggest rival in India, declined to comment on that report.

News by Reuters, edited by ESM. Click subscribe to sign up to ESM: European Supermarket Magazine.

 

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