Flipkart yet to finalise stake sale deal with Walmart

May 05, 2018 14:32

E-commerce firm Flipkarts board is yet to finalise a deal to sell a controlling stake to Walmart Inc, two sources with direct knowledge of the matter said on Friday, adding a deal could just be days away.

Bloomberg reported earlier on Friday, citing unidentified sources, that Flipkarts board had approved a deal to sell a stake of about 75 percent in the company to a group led by US retail giant Walmart for about $15 billion.

A third source said that while Flipkarts board had 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.

The first two sources said Alphabet Inc is also likely to invest in Flipkart alongside Walmart, but terms of the deal may change. Japans SoftBank Group, the biggest investor in the Indian firm through its private equity fund, is considering selling its roughly 20 percent stake as part of the deal if the price is right, two other sources said.

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