Walmart inches closer to sealing deal with Flipkart

May 08, 2018 13:52

The world's largest retailer Walmart Inc is close to clinching a deal to buy a majority stake in Flipkart for roughly USD 15 billion, according to sources.

The deal, which will see some of the biggest investors in Flipkart offloading their stake in the country's largest e-commerce company, could be announced any day now, sources with direct knowledge of the development said. Japan's SoftBank Group Corp and Tiger Global Management are said to be selling almost all of their about 20 per cent stake each in Flipkart.

Walmart will likely end up with 60-80 per cent of Flipkart, valuing the company at about USD 20 billion, they said. Flipkart was valued at about USD 12 billion last year, according to researcher CB Insights. -- PTI

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