Walmart is buying Flipkart, confirms SoftBank
May 09, 2018 15:01
SoftBank CEO Masayoshi Son confirms US-based Walmart buying India e-tailer Flipkart, reports PTI. The Walmart-Flipkart deal was sealed on Tuesday night (Japan Time), Son said on a conference call after SoftBank reported earnings, adding that its investment in the Indian online marketplace had almost doubled.
The deal, likely to value Flipkart roughly at $18-20 billion, is likely to be the US retail giant's biggest acquisition, NDTV reports.
Google parent Alphabet Inc is likely to partner Walmart in the deal. Walmart is likely to own a roughly 60 per cent stake, while Alphabet will get about 15 per cent ownership of Flipkart, the report said, citing sources.
The deal, likely to value Flipkart roughly at $18-20 billion, is likely to be the US retail giant's biggest acquisition, NDTV reports.
Google parent Alphabet Inc is likely to partner Walmart in the deal. Walmart is likely to own a roughly 60 per cent stake, while Alphabet will get about 15 per cent ownership of Flipkart, the report said, citing sources.
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